For Libertarians, the minimum wage issue primarily concerns opportunity. They question arguments that Democrats and Republicans make about the benefits of abolishing or increasing the federal minimum wage.
Here are four quotes that shed light on why Libertarian thinkers might support abolishing the federal minimum wage:
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1. "Once government gets interfering, this takes away opportunities. And I believe there is a lot of truth to this because it eliminates an opportunity and a chance for a marginal worker. I have a bill in that might help a lot of people, Black or white or whomever. I have a bill in that would immediately help these people who are trying to get a start, that they would never have to pay any taxes or payroll taxes, if they just happen to be a waiter or a waitress, to give them a chance to get ahead and get a good job" -
Ron Paul in a 2007 GOP Presidential Forum at Morgan State University.
2. "It is easy for the “legislator gods” in the state House or in Congress to take credit for increasing the pay of the poor while disavowing any negative consequences from pricing low-skilled workers out of the market. A minimum wage of $7.25 per hour translates into an income of zero if a worker cannot find a job or is fired. It would be much wiser to let workers and employers freely negotiate wages than to enact a minimum wage law that interferes with freedom of contract and prevents low-skilled workers from gaining the experience and work ethic necessary to achieve higher living standards." -
Cato Institute Scholar, James A Dorn.
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3. "There is no "free lunch" when the government mandates a minimum wage. If the government requires that certain workers be paid higher wages, then businesses make adjustments to pay for the added costs, such as reducing hiring, cutting employee work hours, reducing benefits, and charging higher prices." - Cato Institute Scholar, Mark Wilson.
4. "Mr. President, your attempts to raise the minimum wage will destroy one of the most important forms of education in this country. Many young people develop responsibility and marketable skills in entry-level, minimum-wage jobs. Those skills make workers more attractive to future employers." - Libertarian Party response to President Obama's State of the Union address as delivered by Arvin Vohra, Vice Chair of the Libertarian National Committee.
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