That’s the question Steve Chapman asks in this column. If you think it’s a good idea to dictate wage increases to help lower-income workers, would you also think it a good idea to dictate lower prices (at least for essential things) to help them too?
Chapman supposes that his illustration of the illogic of trying to help people by mandating lower prices will get them to see the folly of mandating higher wages, but I worry that the same voodoo economics crowd that loves to raise the minimum wage will read this and say, “Hey — that’s a great idea!”