On the economy, don't listen to what Obama says, watch what he does

Given liberal ideology, why don't Democrats just pass a $100/hr minimum wage law?  Everyone will be 'rich' right?  They can hose the evil rich capitalists and empower the downtrodden working class all in one fell swoop.  Answer, because econ 101 and years of empirical evidence teaches us that this would price those that are the most vulnerable; younger workers, workers with less education, minorities constituting large swaths of both of these groups, out of the labor market altogether. A $100/hr minimum wage job is great if you can get it.  But if you can't your just another welfare case.  On a certain level Democrats understand this.  But somehow, what they don't understand is at what point this dynamic manifests itself. Obviously $100/hr is too much.  But what about $20/hr?  What they fundamentally don't get is that it is a free market that will most efficiently set labor costs.  If there is a shortage of labor, wages will naturally go up...(Read Full Post)