Wednesday, August 31, 2011

Next, We'll Appoint Lenny Dykstra as Treasury Secretary

Great news.  The new incoming chairman of the White House Council of Economic Advisors is the author of a study published back in the early 1990's that purportedly proved that a higher minimum wage did not necessarily lead to higher unemployment.  This contradicts standard economic theory and actually provides the answer to a question that's always been in the back of my mind -- why do liberals always want to raise the minimum wage when it seems certain to hurt low-income workers by reducing the number of available jobs?  This study might support an answer.

Except that it was only one study, and it wasn't repeated.  And according to subsequent reviews of the study, it was flawed and its conclusions were wrong.

Well, at least we know the type of advice Obama's getting on economics will remain consistently crappy.

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