Those unstable folks who, like me, are fixated on all things economic, will get a boost from this quaint Bloomberg piece:
Bloomberg: Today’s Minimum Wage Lower Than LBJ Era
I dunno. No matter what Congress and our state legislatures say, I’m pretty confident that the true minimum wage is and will always be zero. But what do I know. I don’t work for any kind of economic or policy think-tank.
Here’s the one passage I adored:
The studies find minimum-wage increases even provide an economic boost, albeit a small one, as strapped workers immediately spend their raises. A 2011 paper by economists at the Federal Reserve Bank of Chicago found that a $1 minimum-wage increase lifts household income by about $250 and increases spending by about $700 a quarter in the following year. The spending increase is driven by a small number of households that primarily buy vehicles.
So a wage boost lifted income by $250, but spending went up $700 for the same period? You mean the wage increase encouraged people to go out and spend STILL MORE money than they have? Why, that’s great news!
(If you’re a proponent of debt slavery, that is.)
