A maximum folly. In his State of the Union address, President Barack Obama proposed raising the minimum wage from $7.25 an hour to $9 an hour. That would be almost a 25 percent increase. Let's look at the president's proposal, but before doing so, let's ask some other economic questions. Are people responsive to changes in price? For example, if the price of ... MOREWalter E Williams: Higher Minimum Wages
A maximum folly. In his State of the Union address, President Barack Obama proposed raising the minimum wage from $7.25 an hour to $9 an hour. That would be almost a 25 percent increase. Let's look at the president's proposal, but before doing so, let's ask some other economic questions. Are people responsive to changes in price? For example, if the price of ... MORE