Here we go...

[AlexM]

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Don't worry, King George will shoot it down. Off the top of my head I think there has been one veto in 6 years of the Bush Administration... expect that number to increase quickly.

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Did you even read the OP?

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President George W. Bush effectively endorsed a hike in the minimum wage, describing it as "an area where I believe we can (find) common ground."

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[hmkpoker]

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While it is true that economic theory conventionally predicts an increase in unemployment as a result of minimum wage law increases ceteris paribus, such increases in unemployment have not showed up in the data/reality (e.g. when New Jersey raised the minimum wage but neighboring Pennslyvania did not, no difference was found in changes in unemployment in the two areas)

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Luckily, New Jersey is identical to Pennsylvania so a scientifically credible experimental group and control group can be established. And with a whopping sample size of one.

[Dan.]

>650 Economist think raising the minimum wage is a good idea

[Sephus]

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It's a horrible idea. We are lucky that the minimum wage is so low it doesn't have a huge effect on the economy. Right now it only hurts the poorest of the poor in our society. Of course, the higher it gets the more people are hurt, but I doubt they will raise it enough.

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I've never seen any justification by my fellow ACists that the minimum wage function, or any economic function for that matter, is linear. The assumption seems to be that all functions are linear, which is absurd. Regardless of the validity in this case, the black-and-white thinking is foolish. If you're going to claim such a relationship, at least back it up.

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There have been many empirical studies that have cast doubt on whether minimum wage hikes have any effect on unemployment and other economic indicators at all.

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The empirical studies....SUCK.

By SUCK i mean that they fail to refute the logic that demonstrates that the minimum wage increases unemployment and hurts people.

As Rothbard famously said, you can't refute logic with statistics.

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it's not the job of the empirical study to show why the model is wrong/incomplete, it's enough to show that it is so.

[RR]

Here is a book that two of my favorite profs wrote. It has been a long times since I read it, but I would recommend it.

http://tinyurl.com/yepfst

[Dan.]

Unemployment in 1968 is among the lowest listed

But the minimum wage in 1968, adjusted to 1996 dollars, is the highest since 1955.

[Sephus]

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While it is true that economic theory conventionally predicts an increase in unemployment as a result of minimum wage law increases ceteris paribus, such increases in unemployment have not showed up in the data/reality (e.g. when New Jersey raised the minimum wage but neighboring Pennslyvania did not, no difference was found in changes in unemployment in the two areas)

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Luckily, New Jersey is identical to Pennsylvania so a scientifically credible experimental group and control group can be established. And with a whopping sample size of one.

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the study isn't perfect (who would expect it to be) but it doesn't sound like you're very familiar with it.

the sample comes from right along the border between the two states and "sample size of one" isn't really accurate. there was only one "trial."

[caretaker1]

What's with all these empirical studies, rate comparisons, and professional evaluations? Isn't the mere fact that it's logically obvious that raising the min. wage is bad for people enough for you?

[jhans24]

Well, here in Colorado we had a disaster of a minimum wage increase bill pass. Let's face it, raising the minimum wage is feel good voting. Who's not for increasing the minimum wage, that sounds great. Let's do it. Of course, here in Colorado that required you to not think at all about the actual initiative or the impacts. The increase in minimum wage is now written in our constitution and will increase EVERY year with inflation. So, even if there is a recession the minimum wage will go up. So, people are losing their jobs, unemployment rates are going up, but so is the minimum wage. What will the impact of this be? Your profits are way down because of the recession, but you have to pay your workers more. Looks like you have fewer workers all of a sudden. This is awful feel good legislation that in the end will cost people their jobs. Really kind of sad, but I guess it's what they want since voters were too lazy to actually think.
I guess our amendment is different from the other states, or at least I hope for everyone's sake it is.

Josh

[BCPVP]

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>650 Economist think raising the minimum wage is a good idea

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My Macro Econ book from last year said that at least 75% of economists agree that the minimum wage hurts the poor.