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.