States That Raised Minimum Wage See No Slow-Down In Job Growth 778
An anonymous reader writes: The U.S. Department of Labor has released data that some proponents of raising minimum wage are touting as evidence that higher minimum wage promotes job growth. While the data doesn't actually establish cause and effect, it does "run counter to a Congressional Budget Office report in February that said raising the minimum wage to $10.10 an hour, as the White House supports, would cost 500,000 jobs." The data shows that the 13 states that raised their minimum wages in January added jobs at a faster rate than those that didn't. Other factors likely contributed to this outcome, but some economists are simply relieved that the higher wage factor didn't have a dramatically negative effect in general.
Economists (Score:5, Funny)
It's a bit baffling how "some economists" weren't fully cognisant of what would happen when the minimum wage was raised. I mean it's not as though it's the first time it has happened, the effects should be well known by now. Kind of reminds me of the old joke:
A mathematician, an accountant and an economist apply for the same job.
The interviewer calls in the mathematician and asks "What do two plus two equal?" The mathemetician replies "Four." The interviewer asks "Four, exactly?" The mathematician looks at the interviewer incredulously and says "Yes, four, exactly."
Then the interviewer calls in the accountant and asks the same question "What do two plus two equal?" The accountant says "On average, four - give or take ten percent, but on average, four."
Then the interviewer calls in the economist and poses the same question "What do two plus two equal?" The economist gets up, locks the door, closes the shade, sits down next to the interviewer and says "What do you want it to equal?"
Re:Local testing works? (Score:5, Funny)
Re:Duh (Score:5, Funny)
but who will speak for the unemployed Swiss Bankers?