Tuesday, January 14, 2014

Seven Nobel Laureates Endorse Increase in U.S. Minimum Wage

Seven recipients of the Nobel Prize in ecoomics were among 75 economists endorsing an increase in the minimum wage for U.S. workers, reports Bloomberg.

In a letter released today, the group called for the hourly minimum wage to reach $10.10 by 2016 from its current $7.25, and then be indexed for inflation thereafter. They said “the weight” of economic research shows higher pay doesn’t lead to fewer jobs.

Past increases in hourly pay have had “little or no negative effect on the employment of minimum wage workers, even during times of weakness in the labor market,” the economists wrote. “A minimum wage increase could have a small stimulative effect on the economy as low-wage workers spend their additional earnings.”

More than anything, this is probably a reflection o the true value of the Nobel Prize in economics and the poor quality of thinking by many who are awarded the prize.

These "economists" apparently hold their minimum wage position with a straight face, when it is clear that the least skilled, black youth, already suffer from the current minimum wage, with an unemployment rate of 35.5%.

(ht Prashanth Perumal)



    1. http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/
      yes there is

  2. Fucking prince controls...how do they work?

    -Insane Economist Posse

  3. It's all coincidental, right?

    Sept-October, Major Media goes on a PR offensive about "modern slavery" with massaged statistics (as many academics have concluded). Bill Gates, Foundations, and Aussie Billionaire behind it.

    October-November: Maid case suddenly changes from absconding maid to slaver diplomat,

    December Maid is "evacuated" out of India, flouting Indian judiciary, which has a case of extortion against her. Diplomat is arrested on trafficking charges, stip-searched, which involved cavity inspection but not probe, though the confusion is milked by Bharara and media to claim she is a liar and a hoax video showing a brutal gang rape (which obviously didn't happen) is circulated to make the actual criminal conduct look ambiguous or false. As soon it's spotted by bloggers, the state dept. distances itself from it and denounces it.

    All domestic union groups, all NGO trafficking groups, all South Asian rights groups (funded by Soros/Foundation) stand together with the maid, and change the topic to trafficking everywhere in the world, which is somehow conflated with the wages of all domestic workers in India, which apparently should be the same (and not competitive with) US workers.

    So now we see the business angle to the whole story.

    Especially since all the fake persona on twitter and blogs were immediately connecting the story to Arvind Kejriwal, the Foundation funded activist, anti-corruption (also drummed up by US NGOs in India) and "rape crisis" (exaggerated by media and used to justify even more socialist meddling in the gvt).

    In short, neither the US nor India can develop on their own.

    Both must be made into Swedish welfare states, to satisfy the Soros-backed activist crowd.

  4. I hate to gloat knowing the misery this will create by those displaced, but this is awesome for my business which sells hospitality POS automation systems. This will drive the ROI on our solutions substantially and make it a no brainier for many operators.

  5. What I don't understand about the pro-minimum wage crowd is why they are so chintzy? If a minimum wage has no effect on employment why not a $100 or $1000 per hour minimum. Then everyone would be able to drive Maseratis and eat filet mignon. Of course the reason is that there is an effect it's just difficult to detect because the majority of worker's wages aren't near the minimum. I wish I could take credit for this argument however I have to recognize Walter Block as the person that I heard it from.

  6. Living proof the Nobel Prize is a badge of shame...