Summary
A federal minimum wage is an idea whose time came in 1938, when public confidence in markets was at a nadir and the federal government's confidence in itself was at an apogee. This, in spite of the fact that, with the 19 percent unemployment and the economy contracting by 6.2 percent in 1938, the New Deal's frenetic attempts had failed to end, and perhaps had prolonged, the Depression.
Today, raising the federal minimum wage is a bad idea whose time has come, for two reasons, the first of which is that some Democrats have a chronic and evidently incurable disease - New Deal Nostalgia. Witness Nancy Pelosi's "100 hours" agenda, a genuflection to FDR's 100 Days.See the full content of this document
Extract
Minimum Wage Should Be $0
Perhaps this nostalgia resonates with the 5 percent of Americans who remember the 1930s.
Second, the president has endorsed raising the hourly minimum from $5.15 to $7.25 by the spring of 2...See the full content of this document
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