Quote of the Day: Unbelievably Loopy Economics; CAP Finds That Demand Curves Slope Upward

"The Center for American Progress, often called the think tank for the Obama White House, recently recommended another increase in the minimum wage to $8.25 an hour. Though the U.S. unemployment rate is 9.1%, the thinkers assert that a rising wage would "stimulate economic growth to the tune of 50,000 new jobs." So if the government orders employers to pay more to hire workers when they're already not hiring, they'll somehow hire more workers. By this logic, if we raised the minimum wage to $25 an hour we'd have full employment."


~WSJ editorial

Post Title

→

Quote of the Day: Unbelievably Loopy Economics; CAP Finds That Demand Curves Slope Upward

Post URL

→

https://manufacturing-holdings.blogspot.com/2011/06/quote-of-day-unbelievably-loopy.html

Visit manufacturing-holdings for Daily Updated Wedding Dresses Collection