So I joked that the president’s “go it alone to hike the minimum wage nearly 40 percent to create jobs” State of the Union Address was a grand scheme to “force demand curves to slope upwards by executive order.”
See, I have often referred to the simple, inconvenient, inescapable fact that demand curves slope downwards in discussing the ostensibly compassionate, well-intentioned, but nevertheless predestined to fail policies of helping the poor through ignoring basic facts about economics. Gracious, just look what happened the last time we hiked the minimum wage by 40 percent.
Nevertheless, this graph from The Daily Show suggests my jest might not be a joke after all. The following is a snapshot from their story on the economics of the minimum wage and why raising it will boost the economy and help the poor and only a comedy show foil would dare say otherwise:
It’s a miracle! This. Changes. Everything.
P.S. It would appear from recent links that some “troglodyte” editor of little faith at The Daily Show has gone back and corrected the graph.
