Things Heard: e269v2n3
Wednesday, August 14th, 2013 at
8:08 pm
G’day
- Now there’s an amusing analogy.
- The scandalanche.
- Christianity.
- And the same as above, just very early.
- Stimulus not stimming.
- OK, then, but even if statistically sound, it won’t change anyone’s positions today.
- Where you go when you don’t have a sound argument.
- Or one of these.
- If one was racist, oddly enough … I’d think that the Democrat’s pet race/economic policies would be exactly what I’d support, e.g., aff action, pc speech suppression, and so on.
- Ages of famous men in a remarkable time.
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On you point 9:
Yeah, Byron Harvey’s racist. Just doesn’t realize it.
At a minimum, he’s not paying attention to real economics.
Alas for Dr. Friedman, our experience in America doesn’t support his claim that raising the minimum wage stops the creation of entry level jobs.
Look at the facts:
1. Many teens work at fast-food places, most of which pay above minimum wage now.
2. Minimum wage employees mostly are working adults, with families, long in the job market — on their third or fourth job.
3. Every increase in the minimum wage has been followed by an increase in jobs. We might call this the Ford Effect — Henry Ford discovered, when he doubled the wages for his workers on the auto assembly line, that they worked harder, more efficiently, and critically, they spent more money. Hugely important to Ford, they used their extra money to buy cars, the very things they built, which they had not been able to afford before.
Ford called raising wages “The best cost-cutting idea I ever had.”
When I staffed Senate Labor, we asked Dr. Friedman to provide us with studies backing the claims. No one could do it. The studies authorized by the committee in the Reagan administration showed clearly that raising the minimum wage did not frustrate job creation, but instead made for more jobs, at higher wages.
Did any of those studies look at prices before and after a change in the minimum wage? I’d be very interested in knowing about that side of the equation.