In response to:

The Deadweight Loss of Minimum Wage Hikes

None1257 Wrote: Mar 03, 2013 11:40 AM
Are those who support raising the minimum wage, increasing the minimum wage to help the young, or do they want to raise the minimum wage for a completely different reason?
Snarkasterous1 Wrote: Mar 03, 2013 12:11 PM
You've missed the larger point, at least in my mind.

That point, made spectacularly well by F.A. Hayek in "The Fatal Conceit," is that socialist libbies in pursuit of utopian society imagine that government programs are "solutions" to "problems."

In the real world, adults recognize that there are NO such "solutions" - life is, in fact, generally a series of choices from among a range of compromises.

Specific to this particular socialist libbie fantasy about "solving" the "problem" of low compensation for entry level jobs:

Libbies see a "solution" - raise minimum wage, and those working entry-level jobs make more! One more step toward socialist utopia!

Thinking adults (i.e., conservatives) see a tradeoff - raise minimum wage....
Snarkasterous1 Wrote: Mar 03, 2013 12:14 PM
...and those making minimum wage will make more. Of course, many will lose jobs, or hours available, and unemployment, already worse under Obozo than under any other President of the last three-quarters of a century, will be negatively impacted.

Of course, the real world being complicated, thinking adults (yep, conservatives again) have taken the time to recognize that:

- Very few minimum wage earners are "trying to support a family of four" (Obozo's example in his mis-State of the Union travesty)
- Very few minimum wage earners REMAIN such for long; if they add value, the get raises (there's that dreaded free market at work again!)

Utopian socialist libbies, on the other hand, simply vote for the gov't "solution." Sad.

Has boosting the U.S. minimum wage from $4.25 per hour in 1994 to today's $7.25 per hour helped or hurt the U.S. economy?

To answer this question, we'll be tapping the U.S. Census Bureau's data on the incomes earned by 15 to 24 year old Americans in 1994 and 2011 (which until this September represents the most recent year for which this data is available). Specifically, we'll be considering the size of the Age 15-24 population, the number of 15-24 year olds with incomes and, of course, the federal minimum wage that applied in each...