{"id":2669,"date":"2012-04-17T09:07:31","date_gmt":"2012-04-17T14:07:31","guid":{"rendered":"http:\/\/www.mdmproofing.com\/iym\/weblog\/?p=2669"},"modified":"2012-04-17T09:07:31","modified_gmt":"2012-04-17T14:07:31","slug":"minimum-wage-again","status":"publish","type":"post","link":"https:\/\/www.mdmproofing.com\/iym\/weblog\/2012\/04\/minimum-wage-again\/","title":{"rendered":"Minimum Wage Again"},"content":{"rendered":"<p>Those unstable folks who, like me, are fixated on all things economic, will get a boost from this quaint Bloomberg piece:<\/p>\n<p><span class=\"article\">Bloomberg: <a href=\"http:\/\/www.bloomberg.com\/news\/2012-04-16\/u-s-minimum-wage-lower-than-in-lbj-era-needs-a-raise.html\" target=\"_blank\">Today&#8217;s Minimum Wage Lower Than LBJ Era<\/a><\/span><\/p>\n<p>I dunno. No matter what Congress and our state legislatures say, I&#8217;m pretty confident that the true minimum wage is and will always be <b>zero.<\/b> But what do I know. I don&#8217;t work for any kind of economic or policy think-tank.<\/p>\n<p>Here&#8217;s the one passage I adored:<\/p>\n<div class=\"blurb\">\n<p>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.<\/p>\n<\/div>\n<p>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&#8217;s great news!<\/p>\n<p>(If you&#8217;re a proponent of debt slavery, that is.)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Those unstable folks who, like me, are fixated on all things economic, will get a boost from this quaint Bloomberg piece: Bloomberg: Today&#8217;s Minimum Wage Lower Than LBJ Era I dunno. No matter what Congress and our state legislatures say, I&#8217;m pretty confident that the true minimum wage is and will always be zero. But [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,17],"tags":[],"class_list":["post-2669","post","type-post","status-publish","format-standard","hentry","category-economics","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Minimum Wage Again<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mdmproofing.com\/iym\/weblog\/2012\/04\/minimum-wage-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Minimum Wage Again\" \/>\n<meta property=\"og:description\" content=\"Those unstable folks who, like me, are fixated on all things economic, will get a boost from this quaint Bloomberg piece: Bloomberg: Today&#8217;s Minimum Wage Lower Than LBJ Era I dunno. No matter what Congress and our state legislatures say, I&#8217;m pretty confident that the true minimum wage is and will always be zero. 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