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A Minority View: Higher Minimum Wage

michael1819 Wrote: Feb 28, 2013 10:42 AM
For sure a true tragedy. they have traded one form of slavery for another. This one perhaps even more cruel. For it raises their hopes then dashes them on a shore of indifference and condescension. Driven there by their fellow minorities.

In his State of the Union address, President Barack Obama proposed raising the minimum wage from $7.25 an hour to $9 an hour. That would be almost a 25 percent increase. Let's look at the president's proposal, but before doing so, let's ask some other economic questions.

Are people responsive to changes in price? For example, if the price of cars rose by 25 percent, would people purchase as many cars? Supposing housing prices rose by 25 percent, what would happen to sales? Those are big-ticket items, but what about smaller-priced items? If a supermarket raised its prices by 25 percent,...