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June 23, 2006
Right Diagnosis, Wrong Cure
In the recent Senate debate on increasing the minimum wage, Senator Kennedy sputtered: "Thirty thousand dollars we've increased our salaries, and nine years, we've refused to provide an increase [in the minimum wage] to the men and women who are working on the lowest rung of the economic ladder. That is obscene." He's right, but not about the need to increase the minimum wage. It is indeed obscene that Kennedy and his senatorial colleagues are running off with another $30k of taxpayer dollars. So I say cut Senate pay; don't increase the minimum wage. Greg Mankiw, whose relatively new blog is high on my reading list, has some "convincingly" good fun with Clinton hack Gene Sperling's take on the minimum wage. He also quotes Krugman on the minimum wage's job-killing effects. Posted by E. Frank Stephenson at 11:34 AM in Politics
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The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith
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