Reuternomics July 31, 2006Posted by federalist in Economic Policy.
Love James Taranto’s term here, from Best of the Web Today:
From a Reuters dispatch on minimum-wage legislation:
The House of Representatives voted on Saturday to give some of the lowest-paid American workers their first raise in nearly a decade. . . . The House in the early hours voted 230-180 to raise the $5.15-per-hour minimum wage in three 70-cent steps until it reaches $7.25 in mid-2009.
The last minimum-wage increase was in 1997. Reuters doesn’t cite any examples of workers who’ve been making $5.15 an hour for nine years while sitting around waiting for Congress to give them a raise, and we doubt that many such people exist.
Furthermore, Reuters fails to realize that as the minimum wage is raised these minimum-wage earners may not get a raise, but rather could lose their job altogether.