Wednesday, November 6, 2013

One awful vote result and one good vote result

1. Starting with the bad ... It's sad when voters decide that consenting individuals can't engage in transactions they both find beneficial.

That's exactly what New Jersey voters did, increasing their minimum wage and then tying it to inflation.  (The CPI has a history of being overstated, which makes this far more damaging than just a one-time increase.)  This will certainly lead to job losses, less training for young and unskilled workers, and other negative consequences.  I just discussed this yesterday.

The voters' attitude towards minimum wage laws is more proof that economic education is still desperately needed.

2.  Some good news.  Voters in Washington reject GMO labeling.

While one of the two had a good result, I'm not happy.  Both laws would have damaged lives, and one has become law.  I hope that someday in the near future there will be one of two vote results that I liked, where both bills were set to improve lives.

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