What the President is banking on is that all of those unfortunate Joe and Josephine Schlubs standing behind him on the dais won't ever discover the data or the analyses of the data demonstrating just how much the President is the "Prevaricator in Chief" when he speaks about the federal minimum wage.
It is true that raising the federal minimum wage will enable Joe and Josephine Schlub to enjoy a higher, albeit minimum standard of living. But, what the Prevaricator in Chief didn't tell Joe and Josephine is that increasing the minimum wage actually increased unemployment by ~748k workers and reduced job growth by 83.3k jobs.
Yes, it's true...and here's how.
A policy analyst at the American Action Formum, Ben Gitis, analyzed the impact of the minimum wage on low-skilled workers who typically earn the minimum wage. Gitis found:
- A $1 increase in the minimum wage increased the unemployment rate by 1.48% and led to a 0.18% decrease in the net job growth rate for all workers.
- For teenagers, the difference was even starker, with the additional dollar increasing teenage unemployment by 4.67% and decreasing the teenage job growth rate by 4.01%.
- In all, high state minimum wages increased unemployment by ~748k workers and reduced job growth by 83.3k jobs.
It's really sad that most of those unfortunate Joe and Josephine Schlubs drink the Kool Aid distributed by their Commander in Chief. If they read the analyses of the actual data, they'd quickly realize that what he's the Prevaricator in Chief. What he touts as "care" is a charade, namely, a phoney bill of goods that's meant to make Joe and Josephine Schlub feel good when, in reality, it's their jobs that are on the line as a consequence of raising the minimum wage.
Let the discussion begin...
To read Ben Gitis' analysis, click on the following link:
"How Minimum Wage Increased Unemployment and Reduced Job Creation in 2013."