One day back in high school, a very interesting English teacher asked our class a moral question: if you could press a button and get a million dollars, but a little old man — with no family, friends, or ties of any kind — in the backwoods of China would die, would you push that button?
Approximately a third of the class raised their hands in the affirmative.
Crocodile tears are flowing again for low-income people. In his State of the Union address, President Obama proposed raising the minimum wage from $7.25 to $9 an hour. A debate is shaping up between those who support the proposal and those who favor keeping the wage where it is today. But there are good grounds — for the sake of the poor — to repeal the minimum wage altogether.
In his State of the Union address, President Barack Obama proposed raising the minimum wage from $7.25 an hour to $9 an hour. That would be almost a 25 percent increase.
It's not rocket science to conclude that when prices rise, people adjust their behavior by purchasing less. But how about the price of labor?