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Guess what? Raise people's wages and they'll have more money!

Posted on 2006.06.19 at 10:25
Current Mood: tiredtired
Current Music: Willie Dixon - Howlin' Wolf / Little Red Rooster
Watch Conservative know-it-all (or know-nothing) John Stossel get taken to school on some economic data.


suzermagoozer at 2006-06-19 14:42 (UTC) (Link)
I have been saying he is a smarmy looking liar for ages!

let me add, "...that should be maimed."
theservant at 2006-06-19 15:24 (UTC) (Link)
Harsh, but fair
metalclarinet at 2006-06-20 04:23 (UTC) (Link)

Glib isn't right.

I don't think much about either talking head. The "Fact" that states which raised the minimum wage have had higher job growth doesn't prove much. States with warmer climates have higher jog growth, too. Does that prove that global warming is good?

The 3% statistic sounds low, but wasn't challenged. I wonder if the statistic includes part time employment, farm labor, etc.

There are lots of studies on what happens when the minimum wage gets raised. Needless to say, some studies come down on each side and each new study generates critiques. There are lots of theories, but on balance, most economists accept that raising the minimum wage would result in some job losses.

There is a debate among historical economists about whether slavery was economically efficient. You would think that the cheapest way to produce something is to pay no wages. However, that ignores all sorts of hidden costs of slavery. Some argue that slavery was so inefficient that it would have disappeared over time. Again, there are studies on both sides.

Those arguments don't matter much. Slavery was morally wrong and corrosive to society. The same is true with pay set below a living wage.
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