Obama's Minimum Wage Fallacy

Over the past few weeks President Obama has been on a tour of the nation making speeches and amping-up the rhetoric in his efforts to raise the federal minimum wage.  As is typical for this president, he has done as much as he can “on his own” (presidential speak for governing via the issuance of Executive Orders.) On February 12, 2014 the President issued an Executive Order requiring the minimum wage to be paid employees of companies doing contract and sub-contract work with the federal government be raised to an initial $10.10 per hour. “Initial” being a key word in the previous sentence. The exact wording of this XO leaves the door wide open for future pay hikes: “Sec. 2. Establishing a minimum wage for Federal contractors and subcontractors.  …shall be at least (i) $10.10 per hour beginning January 1, 2015; and (ii) beginning January 1, 2016, and annually thereafter, an amount determined by the Secretary of Labor” Yes,...(Read Full Article)