by John Schnatter
Real Clear Politics
To illustrate the flaws of socialist thinking about wealth distribution, legendary free market economist Milton Friedman was fond of telling people that the economy isn’t a pizza, with only so many slices available to be divided fairly among everyone. In reality, Friedman explained, the economy is technically limitless — one person’s having X amount of money does not mean that there is only Y amount of money left over for everyone else.
However, while a pizza may not be totally applicable as a metaphor for the economy as a whole, it is an excellent metaphor for a small business’s operating budget — which is why the proposal to raise the federal minimum wage from $7.25 to $15 an hour will be harmful to small business entrepreneurs and the people they employ.