Archive

Wages

In last nights State of the Union address President Obama made a case for raising the minimum wage from $7.25 per hour to $9 per hour.  The wailing and gnashing of teeth on the internet this morning was pathetic.  “It’s an invisible tax”, “We’ll have to lay people off or go out of business!”, “It will make inflation skyrocket!”, “If those people want to be paid more they should get an education!”.  I am here to say an unapologetic BULLSHIT to all of these, but more importantly to address the issue of what wages should be in a capitalist economy and how they should be set.  But first I want to address each of these claims individually. Read More

Advertisements