US senator Bernie Sanders wants the federal government to provide a $15-an-hour job to every American who wants one. Senators Kirsten Gillibrand and Cory Booker — both likely 2020 Democratic presidential aspirants — have expressed support for the idea as well. It’s hard to overstate the silliness of this proposal, as many pointed out last week. In 49 states, the bottom 25% of wage earners are paid less than $15 an hour. There are two states, Arkansas and Mississippi, where half of all workers earn hourly wages less than $15. Throw in benefits and my rough calculation finds more than 80-million workers who earn less a year who the government would be obligated to pay under this proposal. In addition to workers, more than 100-million nonworking Americans would be free to avail themselves of this guaranteed job too. Taxes could never be raised and existing programmes could never be cut enough to finance this policy at the level required. The government could not possibly come up with e...
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