EconoWeirdness

Exposing the madness wehind current economic thought

Saturday, July 27, 2013

Obama gets it wrong again.

Obama in his speech on the economy at Knox College in Galesburg, Ill.:

"Washington doled out bigger tax cuts to the rich and smaller minimum wage increases for the working poor."

Robert Wenzel sets him straight:

Minimum wages increase the number of poor, since the only thing a regulated wage, above free market wages, can do is make it unprofitable for businesses to hire the least skilled.