Minimum Wage, Maximum Politics
Economist Brad Shiller writing in today's WSJ:
"The federal minimum wage went up on July 1 and hardly anyone noticed. And why should they have? The federal minimum had been stuck at $5.15 since 1997, while average hourly wages had risen nearly 40%. Even entry wages at McDonald's had crept above $7 in the decade of legislative inaction. So the bump from $5.15 to $5.85 was largely a nonevent.
It's no wonder, then, that few workers noticed, much less celebrated last week's hike in the minimum wage. The only people celebrating are the politicians who are already proclaiming how they helped the poor, low-income worker."