Leave aside the academic debate about how many job losses are caused by moderate minimum-wage increases, these increases are part of a larger problem.

If third parties constantly interfere in important business decisions like starting-level pay, overtime compensation and the amount of time off, all of which have significant effects on the cost of labor, it partly explains why companies don’t add more discretionary jobs, why wage growth is slow, why new business formation is lagging and, ultimately, why the economy isn’t expanding faster.

There are additional factors that impede growth, like other burdensome regulations, but interference in labor markets is one of the most important.

Policy means are as important as ends. Expansion of the earned income tax credit would be a much better way of aiding low-income workers and families. Vote “no” on Question 4.

Martin Jones