In response to:

Obama’s Minimum Wage Plan

stephen602 Wrote: Feb 18, 2013 2:41 PM
Of course I would want it abolished, but I am being realistic. It will never be abolished. We might as well try to rein it in. By the way, everyone should read George Gilder's "Wealth and Poverty". You would think it was written yesterday, but it was written in 1981, after the disaster known as the Carter presidency. It looks like we are having an instant replay. Politicians have learned nothing.

Economic research has only a tenuous relationship to economic policymaking in Washington. President Obama’s new proposal to raise the federal minimum wage from $7.25 to $9.00 is a case in point. It would bad for workers and the economy, but the administration seems to be ignoring the large body of theory and evidence on the issue.

Labor economist Mark Wilson discusses the economics of the minimum wage in an essay on Downsizing Government. Here are a few highlights:

There is no free lunch when...