Obama's Minimum Wage Increase Fallacy

In Tuesday night's (February 12, 2013) State of the Union show, er, speech, Dear Leader Barack Hussein Obama said: We know our economy is stronger when we reward an honest day's work with honest wages. But today, a full-time worker making the minimum wage earns $14,500 a year. Even with the tax relief we've put in place, a family with two kids that earns the minimum wage still lives below the poverty line. That's wrong. That's why, since the last time this Congress raised the minimum wage, nineteen states have chosen to bump theirs even higher. Tonight, let's declare that in the wealthiest nation on Earth, no one who works full-time should have to live in poverty, and raise the federal minimum wage to $9.00 an hour. This single step would raise the incomes of millions of working families. Obama called for raising the minimum wage to $9.00 per hour, and to index the minimum wage to inflation. Sounds great! In ObamaWorld, in a static economy where the economy will not react to a...(Read Full Article)