RS McCain has a rant that deserves a full read, but I’ll excerpt the beginning.
It would be an insult to readers to explain why this won’t work, but I will say that in my adult lifetime, every increase in the minimum wage has been followed within a year or two by a recession. Drew M. at AOSHQ endeavors to address the flaws in Obama’s idea, but it’s depressing to think that any adult can’t figure out why raising the minimum wage inevitably causes an increase in unemployment.
I have two thoughts on this, both of which are equally scary. Either the President of the United States is such an economic illiterate that he thinks minimum wage increases create jobs, or he is so cynical that he is banking on the stupidity of his base to parrot this talking point. I’m leaning toward the former, because this guy seems to actually believe that saying something makes it true, especially if it comes packaged with a cute graphic.