I wish there was a magic wand that somebody could wave and all of us would have more money. Or maybe Santa Claus could play that role, or some version of the Tooth Fairy.
And if that magic person only had limited powers, I would want more money specifically for those with modest incomes.
Unfortunately, we don’t live in this fantasy world. As a society, we can’t enjoy output unless we first go through the toil and trouble of working, saving, and investing.
Heck, even some leftists have admitted that you can’t redistribute unless somebody first produces.
But that doesn’t stop some politicians from practicing free-lunch economics. They tell us, for instance, that government can impose a higher minimum wage with no job losses.
And now the Obama Administration is claiming that it can expand overtime eligibility rules without any adverse impact of base pay, hours, or employment.
In my role as the designated bad guy who has to inform people there’s no magic wand or Santa Claus, here’s what I told the New York Times.
“There’s no such thing as a free lunch,” said Daniel Mitchell, a senior fellow with the Cato Institute, who warned that employers might cut pay or use fewer workers. “If they push through something to make a certain class of workers more expensive, something will happen to adjust.”
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