Mmmm….Bacon….

August 11, 2005 • by David Michael Phelps

Mmmm….Bacon….

In John Stossel’s article yesterday, he recounts a story that illustrates the dangers of artificial wage contols. (Davis Bacon is a federal law that requires construction workers be paid an amount determined by a bureaucratic formula instead of wages determined by market forces.) When Chicago decided to repair the Cabrini Green housing project, people who lived in the project assumed such a big job would provide work for the unemployed young men who grew up there. Continue Reading...

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