'Free' Lunch

I described the negative side effects of the minimum wage last December. The Star Tribune might want to take a look at that before writing clueless editorials which support a further increase in the minimum wage.

The Big Trunk shoots more holes in their argument at Power Line:

... this is a frustratingly vague article of faith: What the heck is economic dignity? What degree of economic dignity should someone who works full time have? On the other hand, we may infer that it is an article with an amazingly high degree of precision: "I believe in jobs that pay $5.15 an hour in 1997 dollars, or $7.00 an hour in 2006 dollars." Is there anyone out there in Strib land who wonders whether $7.00 an hour doesn't buy enough economic dignity to warrant credal status? Why so cheap an article of faith? Why not $14.00 an hour? Or $140.00 an hour? Perhaps this is where that "article of faith" point comes in handy. Credo quia absurdum.

Read the entire post to, ahem, appreciate the expertise of Princeton economists.

Economics: leave it to the pros (but do fact check them).