Economic illiteracy and minimum wage madness are, of course, not exclusive to the United States.
Russia's Prime Minister Dmitry Medvedev said the minimum wage for workers in Russia will go up to 7,500 rubles a month ($109) in July, from the current 6,204 rubles a month ($90).
It will be the second increase this year after a 4% hike in January.
"The difference between the minimum wage and the cost of living remains quite high ... people are worried," Medvedev said last week in a speech at the United Russia party conference.
As EPJ readers are aware, minimum wage hikes only increase unemployment, but that didn't stop CNN Money, when reporting on the Russian minimum wage increase, to declare in its headline:
Russians are finally getting some good news. Minimum wage is going up by 20%.-RW