Effect, Meet Cause

August 6, 2008   12:27 am

Neal Boortz provides validation today for those of us who claim that a higher minimum wage leads to lower employment. It turns out that July turned out to be a really bad month for teenage employment - the typical person seeking minimum-wage employment.

Last month, President Bush lifted the ban on offshore drilling, and crude prices dropped $10/barrel almost overnight. We can’t drill our way out of this situation, we kept being told (Morgan Freeberg makes mincemeat of that ridiculous phrase); but, when one of the two restrictions on offshore drilling are lifted, the price plummets.

The Godfather points out an AP release in which, all of a sudden, they determine that “trickle-down economics” actually exists! When “rich” people don’t get as much money, they don’t give as much, or they don’t hire as much.

Hmm…

Categorized   Economic Policy     Economics    

Tagged    drilling     george w bush     minimum wage     morgan freeberg     neal boortz     oil     rush limbaugh     unemployment