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The Minimum Wage and Economic Reality

jmccune Wrote: Feb 21, 2013 8:47 PM
Has any one ever looked at the time line between minimum wage hikes and economic downturns? It seems as though the housing bubble burst came on the heels of the democrat congress passing a raise in the minimum wage from $5.15 to $7.25 an hour. Was this a contributing factor in this latest economic bust?
OBAMA-DRAMA Wrote: Feb 21, 2013 10:39 PM
No... the near fatal collapse of the US economy in late 2008 (predicted by me to occur at some point based upon the root cause of increases in home prices since the mid 1990's) was due to leveraged speculation, home flipping for profit and the selling to Fannie Mae and Freddie Mac bundled junk mortgages by banks that were then flipped to investors on Wall Street while insured in value by AIG.

There is a very good paper on the details. Google Niall Ferguson "America Lays A Golden Egg".
President Barack Obama and Democrats in Congress want to raise the minimum wage to improve the lot of the working poor. But they've got the wrong idea. The problem is not that these workers earn so little; it's that the things they buy cost so much. I propose instead to outlaw high prices.

No one, after all, likes paying too much. So let's put a stop to it. Gas is too expensive? Make it $2 a gallon, max. Bread and meat take a big bite out of the family budget? Poor people could eat better if they had to pay only $1...