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9 March 2000
2000 Ron Paul 15:1
Mr. PAUL. Mr. Speaker, I appreciate the opportunity to explain why I oppose the H.R. 3846, a bill to raise the
2000 Ron Paul 15:2
Economic principles dictate that when government imposes a minimum wage rate above the market wage rate, it creates a surplus wedge between the supply of labor and the demand for labor, leading to an increase in unemployment. Employers cannot simply begin paying more to workers whose marginal productivity does not meet or exceed the
2000 Ron Paul 15:3
Those who are denied employment opportunities as a result of the minimum wage are often young people at the lower end of the income scale who are seeking
2000 Ron Paul 15:4
Furthermore, interfering in the voluntary transactions of employers and employees in the name of making things better for low wage earners violates citizens rights of association and freedom of contract as if to say to citizens you are incapable of making employment decisions for yourself in the marketplace.
2000 Ron Paul 15:5
Mr. Speaker, I do not wish my opposition to this bill to be misconstrued as counseling inaction. Quite the contrary, Congress must enact ambitious program of tax cuts and regulatory reform to remove
2000 Ron Paul 15:6
Because one of the most important factors in getting a good job is a good education, Congress should also strengthen the education system by returning control over the education dollar to the American people. A good place to start is with the Family Education Freedom Act (H.R. 935), which provides parents with a $3,000 per child tax credit for K–12 education expenses. I have also introduced the Education Improvement Tax Cut (H.R. 936), which provides a tax credit of up to $3,000 for donations to private school scholarships or for cash or
2000 Ron Paul 15:7
I am also cosponsoring the Make College Affordable Act (H.R. 2750), which makes college tuition tax deductible for
2000 Ron Paul 15:8
My education agenda will once again make America’s education system the envy of the world by putting the American people back in control of education and letting them use more of their own resources for education at all levels. Combining education tax cuts, for
2000 Ron Paul 15:9
However, Mr. Speaker, Congress should not fool itself into believing that the package of small business tax cuts will totally compensate for the damage inflicted on small businesses and their employees by the minimum wage increase. This assumes that Congress is omnipotent and thus can strike a perfect balance between tax cuts and regulations so that no firm, or worker, in the country is adversely effected by federal policies. If the 20th Century taught us anything it was that any and all attempts to centrally plan an economy, especially one as large and diverse as America’s, are doomed to fail.
2000 Ron Paul 15:10
In conclusion, I would remind my colleagues that while it may make them feel good to raise the federal minimum wage, the real life consequences of this bill will be vested upon those who can least afford to be deprived of work opportunities. Therefore, rather than pretend that Congress can repeal the economic principles, I urge my colleagues to reject this legislation and instead embrace a program of tax cuts and regulatory reform to strengthen the greatest producer of jobs and prosperity in human history: the free market.
2000 Ron Paul 15:1 federally-mandated probably should be unhyphenated: federally mandated.
2000 Ron Paul 15:5 Congress must enact ambitious program of tax cuts probably should be Congress must enact an ambitious program of tax cuts.