As the President loses his Millennial voting base, despite “fixing” Obamacare, his populist push for a raise to the minimum wage (who wouldn’t want more money than ‘market rates’ for doing the same shit) and class-warfare-inspiring inequality speech may be his party’s last best hope. However, in the meantime, if US citizens can tear themselves away from X-Factor for 30 seconds, the following clear concise chart shows how easy it is to create 140,000 jobs… Our question… why not raise the minimum wage to $100?
Here’s how to improve our economy and create hundreds of thousands of jobs: #RaiseTheWage. http://t.co/NLM2t9NyhS pic.twitter.com/UDTcTSaqZJ
— Barack Obama (@BarackObama) December 4, 2013
And in case you were unclear why this doesn’t work… (as we discussed here and here):
The minimum wage sounds nice on the surface: workers earning $8 per hour would certainly be better off if they were earning $12 per hour instead. But economics professor Antony Davies explains that this view of the minimum wage overlooks an important detail: The minimum wage does not force employers to pay a particular wage to every worker; it forces employers to pay a particular wage to every worker they choose to keep. While the minimum wage may be well-intentioned public policy, it often huts the very workers most in need of our help.
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via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/rZRw6wYn2Eo/story01.htm Tyler Durden