The New York Times, July 24, 2008:
The federal minimum wage increases by 70 cents on Thursday, to $6.55 per hour from $5.85.
The New York Times, August 2, 2008:
The nation’s employers eliminated 51,000 jobs in July, the seventh consecutive contraction in the labor market, as the unemployment rate reached a four-year high,…Confused? Don't be.
Part of the problem is a paucity of jobs for young people, one out of five of whom are unemployed. The teenage unemployment rate rose to 19 percent, its highest level in 16 years.
Don Boudreaux did a good job translating the first story last week:
In other words, Uncle Sam today arbitrarily increases the cost of employing low-skilled workers by 12 percent.
Beldar goes quote-picking to do a self-image comparison
between Senators McCain and Obama. This is perhaps unfair. But
you'll want to click over there anyway, because the "endorsement"
in his blog's right hand column is very much on-target.
In response to Obama's well-publicized remarks on tire pressure,
campaign comes out with their own position on this important
issue, and makes a call for citizen
activism. Which neither I nor Iowahawk will be responsible for, should
you get caught.