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  The marketplace has already voted on [Florida ] minimum wage
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ContributorCBlock941 
Last EditedCBlock941  Aug 30, 2004 08:32am
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CategoryOpinion
MediaNewspaper - Tallahassee Democrat
News DateMonday, August 30, 2004 06:00:00 AM UTC0:0
DescriptionMichael Ettlinger's Aug. 18 My View column ("Florida should take action on minimum wage") on the minimum-wage initiative in Florida is replete with the same tired arguments made year after year by opponents of the federal wage standard.

His call for an increase in minimum wage so that we can "...correct for a market failure to set fair and efficient prices" would actually suppress the market from its task of efficiency and fairness.

Take, for example, the Bureau of Labor Statistics' own figures for average wages in Florida. The lowest average wage is for fast-food cooks at $6.82; next is food preparation and serving workers at $6.91; followed by agricultural graders and sorters at $6.94. These wages are a full 32 percent to 34 percent above the current minimum wage.

Why would "monopolists" (using Ettlinger's term for employers) be willing to pay that much over the minimum wage for labor? Simply put, the market demands it, and the market therefore sets an efficient and fair price for labor.
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