Friday, February 17, 2012

Economics Defined

Schemes for improving the condition of the poor by making them more useful to the rich.


  1. Win-win? Not likely. More likely heads I win, tails you lose. Or, as Wimpy might have said, "I will gladly pay you tomorrow for the work you do today."

    Let's see. In 2010 the median individual income was about $26,000. That means that 50% of people with income that can be counted had income that barely counted.

    NY State is trying to pass an $8.50/hour minimum wage bill. The current minimum is $7.25/hour. What will a full time, 35 hours per week, worker do with all that new found largesse? Multiply it out and you'll realize that full time work can pay as little as $15,500 annually. Rent in NYC is more than that for most people.

    Win-win? I think not.