So you think you know more than an Nobel Prize winning Economist (POL)

Nobel Prize winning economist Milton Friedman thinks raising the minimum wage actually discriminates against the poorest people in out society.


Milton Friedman

Not To be confused with Uncle Miltie


So does anyone on the LVA think they know more about Economics than Milton Friedman?

Didn't y'all just have this argument a few days ago?

Nobel prize winning economst Paul Krugman does.
Krugman : Raise the minimum wage.

And so does 75% of the country including a majority of Republicans:
Gallup

Well, if them there prize winning economists can't reach a consensus, it is highly unlikely the solution to the world's problems will be solved on the LVA FFA message board.

I'll call your Nobel Prize winning economist and raise you six:

There is no need to speculate. If Milton's theory holds true then we can expect to see a decrease in minimum wage jobs in the states that have recently raised that requirement.

Are we expecting imminent job losses in states with recent increases in minimum wage: New Jersey, Washington, Oregon, Vermont, Conn, California? I'd be glad to bet a week's pay with Milt on that one!

Only 1% or about 1.5m people make the minimum wage. The BLS says that 25% work in commission eligible jobs & 33% either didn't graduate or even attend high school.

I doubt most people have no idea that the % is so low and that 25% actually make more than the minimum and that 33% haven't even made an attempt to help themselves

1. The "Milton Friedman" link takes you to "Socket Mobile Comparison CHS 7Xi (Apple) vs 7X Bar Code Scan" on YouTube. The connection eludes me.

2. Milton Friedman died in 2006. RIP

3. The "Uncle Miltie" link takes you to "Milton Friedman responds to President Obama’s proposal to raise the minimum wage, the most ‘anti-black law in the land’ ". So, I guess, there is some confusion between Milton Friedman and Uncle Miltie after all. Interestingly, as Friedman died in 2006, and this "reply" is dated February 13, 2013, Friedman must be communicating from the afterlife, where, apparently, the video and sound quality of communications are somewhat degraded.

Actually we don't have to wait to find out. The Lewiston municipal area basically straddles Washington and Idaho, and the Washington side's higher minimum wage does NOT show a higher unemployment rate.

Now multiply that times about two dozen similar municipal areas, and multiply that by sixteen years of data. No need for theory, this is what the data shows:

As noted earlier forky's economist belongs to an orgainization that gets it's funding from george soros. The conclusion was readched prior to doing the study.

I had an economics prof tell me that if you locked 10 economists in a room you would get 15 different opinions