…when demand curves slope upwards:
Card and Krueger proudly announced the repeal of the most fundamental law of economics: “Our empirical findings challenge the prediction that a rise in the minimum reduces employment. Relative to stores in Pennsylvania, fast food restaurants increased employment by 13 percent.” Except they didn’t. Their data, gathered by telephone survey, turned out to be “so bad that no credible conclusions can be drawn,” another study concluded. Other economists used actual payroll data instead of a phone survey and found just the opposite: the state-mandated pay hike reduced employment.
“Let’s hope that labor economist Alan Krueger, as he assumes his new position as Chief Economist to the President, remembers that demand curves really do slope downward,” Perry concludes.
Once again, it appears that Obama has hired the best incompetence that money can buy.
When it comes to economics, it’s the Democrats that are anti-science. Especially on the dismal one.
Science? I thought Obama’s only problem is that he has not given enough speeches.
You mean when employer cost per employee goes up, they can’t hire more employees? Why that is heresy! Let the Keynesian Inquisition begin!
I was shocked to discover the percentage of sociopaths among us. I was not shocked that they tend to become politicians.
Normal people that lie want you to believe their lie. A sociopath not only doesn’t care, they know you know they’re lying. Beyond that, they know that you know that they know you know they’re lying. It doesn’t matter because in polite society the lie still works. Who got in trouble for speaking the truth, “You lie?” Not the liar.
We need to be less polite and more effective. Call a spade a spade. Target the opposition for annihilation. Yes figuratively destroy then and in the most extreme cases literally destroy them… with absolutely no apologies.
They aren’t just misguided, they are literally killing innocents (then accusing us of having no compassion) and doing their best to destroy the rest of us. Unless you live in the fantasy world where none will take advantage of a weakened America.
Laws only apply to us, not them. Gun running? No problem. Use the law to attack the businesses of political opponents. SOP. We debate if they are doing it. They just do it and dare us to call them on it. Then tell us we’re not being civil. It’s time we got less civil… and more civilized. Civilization can not endure this villainy. It’s not just a simple economic casual discussion. Real lives are at stake.
Even a simple discussion of minimum wage has a real negative impact on lives. Anybody in public life should be hounded out of their profession if they keep supporting the lie that raising minimum wage (beyond a point where it is less than market driven levels) cost people jobs. The minimum wage is what you get when you’re a kid with no experience. If you stay at that level you shouldn’t be having babies you can’t support then having the tax payers support them. Am I being too mean? Tough. It’s because I care about your babies more than you do.
I am so angry that it’s the good guys that get smeared and the bad guys that keep using taxes as their private slush fund. That goes for the pretend good guys as well. That’s why there isn’t a dimes difference between the various species of politician.
Where is the appropriate outrage? (Not the BS pseudo outrage of the left which has a cynical purpose having nothing to do with actual outrage. Just because it works.)
We need more genuine outrage along with follow through and results.
No more dead fish.
If you expect to surprise anyone, you need to say that in Spanish.
In Krugmans latest he admits to being a filthy liar…
This puts us in a world of topsy-turvy, in which many of the usual rules of economics cease to hold. Thrift leads to lower investment; wage cuts reduce employment; even higher productivity can be a bad thing. And the broken windows fallacy ceases to be a fallacy
He does it by being a filthy liar. He admit the truth while saying it isn’t.
Ken, I’d hardly call a society where lies are respected and naked corruption is the order of the day “polite”.
Absolutely Pete, note that I was calling out the subset that IS outraged for being TOO polite. Society certainly isn’t.
This is a slow motion fight for survival. Because it is so slow motion, people tend to lose focus. Nobody can accuse me of not having fire in my belly. Sometimes I just can’t help but to express it. When they slander good people as angry racist extremists for loving this country it just puts gas on the fire. Frankly, controlled anger can be a very good thing.
¡Deje que la Inquisición Keynesiana a comenzar! ¡Viva Obama! ¡Desempleo vivo!
You made my goat faint.
Demand will increase, floating on printing-press money.
What amazes me is that when I TRY to talk politics to most of my friends / family, they just don’t want to hear it. And these are Conservative voters by and large!
Saying ‘economy’ around most people right now is like screaming the ‘F’ word in the Vatican.
I think many of them are afraid to speak out anymore. Who wants to be openly identified in public as NOT agreeing with THIS Administration. Doesn’t that make you Anti-Nazi? And if you are identified as being anti-Obama, that automatically makes you a racist. And there’s no way to defend against a CHARGE of racism. The charge alone is all that is needed. Like being called a heretic during the SPANISH Inquisition, or a witch in Salem, MA.
After a while, it’s just safer to say you support the policies of Herr Hitler and hope that God sorts it all out. He’s trying to solve problems he didn’t cause, with resources he wasn’t given. The fact that he ‘cares’ should be enough to prove that he’s right. And anyone that keeps giving such brave speeches is bound to care, right ….wait did I accidentally type Nazi & Hitler in there?
Not necessarily!
I was reading this article from”The Nation” and for a minute it actually appeared to be written by a conservative – imagine my surprise.
Obama Better Give One Hell of a Speech
When you get the leftists sounding like the right, you’ve really screwed the pooch.
An article in The Freeman discussed the problems with this minimum wage article: “The Card-Krueger model’s method of data gathering has been widely questioned. Via phone surveys, the team interviewed managers from 321 fast-food franchises in New Jersey and 78 in Pennsylvania. This is a very small number of firms to use as evidence for such significant findings. Also, the information given by stores may not be accurate. Burger King managers are not statisticians or even bookkeepers; the study should have employed repeat interviews by a second set of researchers.”
http://www.thefreemanonline.org/featured/the-minimum-wage/
Despite these numerous flaws and others, ever since it was released the Card-Krueger study has been repeatedly used by Democrat politicians to justify minimum wage increases.
The death of credibility.
In other news, Mr. Obama gave a Labor Day speech before a partisan and sympathetic audience, where he called upon the Republicans in Congress to put the country first ahead of politics.
House Speaker John Boehner announced that he has been persuaded by the President to put country first ahead of GOP reelection prospects, and that is why his announcing impeachment proceedings on the dismissal of the Inspector General, the GM and Chrysler bailouts, the war in Libya, and the Mexican gun smuggling scandal.
Possibly relevant and immune to the race card:
http://www.youtube.com/watch?v=t7HHB3sDtfA&feature=related
The cult of experts strikes again.
Has it curved up yet? It’s almost kick-off.