Economists have traditionally discussed how minimum wages and high tax rates might -- probably -- depress the labor market.
Now we have a President who repeatedly claims that minimum wages and other programs that tax employers and attempt to subsidize the poor and unemployed do not depress the labor market, and in fact revitalize it. Moreover, he claims that no serious economist holds what I described as the traditional view.
At the same time, the labor market stubbornly refuses to recover from the recession, long after the banking sector and stock market have recovered.
Don't be fooled by the correlation: it's just a coincidence -- or perhaps a conspiracy among the unobserved variables -- that the labor market is depressed at the same time that the federal government implements policies that were once thought to depress the labor market.
One would also be foolish to assume that the President who appeared to mislead part of America about the affects of the Affordable Care Act might mislead anyone about the economic effects of redistribution.
5 comments:
I am so afraid of Obama. He is probably a gay muslim socialist in alliance with Soros.
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