This is cross posted on my personal blog.
Frequently, one hears the following argument: "if raising the minimum wage from, say, 8 dollars an hour to 10 dollars an hour, why not make the minimum wage 50 dollars an hour, or even a 100 dollars an hour"?
Unfortunately, I've heard such "arguments" repeated on national television by so called "economic experts".
NOTE: since my comments on this matter have generated some confusion on newspaper message boards, I'd like to make this clear: I am NOT making an argument FOR having a minimum wage here nor am I stating what such a wage should be.
Rather I am attacking a bad argument against raising the minimum wage (or having one at all); I'll leave it to those better versed in economics to make the case for raising the minimum wage.
More below the fold.
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