EUREKA! EUREKA! ARCHIMEDES MOMENT! FINALLY FIGURED OUT HOW TO PROVE HOW FAR OFF ALL THESE SEEMINGLY INFORMED (OVER INFORMED), INTELLIGENT (OVER INTELLIGENT) MINIMUM WAGE DISCUSSIONS TRULY ARE!
HOLD BOTTOM 50 PERCENTILE WAGES WHERE THEY ARE -- MULTIPLY TOP 50 PERCENTILE WAGES 10X: ECONOMISTS WOULD STILL BE HOLDING EXACTLY THE SAME OVER INFORMED, OVER INTELLIGENT MINIMUM WAGE DISCUSSIONS; EXACTLY THE SAME -- WORD FOR WORD.
These discussions could be relevant for price movements at the margin. When the federal minimum wage drops in half from 1968 to early 2007 -- and the American median wage grows only 25% -- while average income doubles, then, the folks at the bottom are getting something like an order of magnitude (not precisely the right measure, but you get the idea) less than they could be getting out of the (amazing, incredibly squeezing) American labor market. (Which wage super-shrinking America's over informed, over intelligent progressives from Obama on down never seem to catch on to.)
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