None other than Cato Institute friend, Chris Christie is calling for a hike in the minimum wage in the state that he lords over, New Jersey.
Christie has proposed increasing the state’s minimum wage by $1 over a phase- in period of three years, reports Bloomberg. This is the Christie version of "compromise." Democrats sought to raise the wage to $8.50 an hour in March from $7.25 and tie future increases to changes in the CPI.
In other words, Christie is saying let's make it impossible for the unskilled to find jobs, but not so many and not so fast. But one wonders if the Cato friend gets the harm he is doing. Showing no clue as to how the minimum wage would hurt the unskilled, Christie said in a statement that the Democrats’ measure was “lopsided” because it would harm small businesses while helping wage earners. It's as if he thinks the wage of all minimum wage workers can be raised to a new level, even though their marginal revenue product may be less than the wage.
Day by day, this Cato cover looks more and more absurd.