Doing the Minimum | No Mercy / No Malice
George Stigler, a thirty-five-year-old economist at the University of Minnesota. Inflation had diluted the 40-cent minimum wage, and people were calling for an increase to 60 or even 75 cents an hour, which translates to $9.51 and $11.88 in June 2022 dollars. “Economists have not been very outspoken on this type of legislation,” Stigler wrote. “It
... See moreMatthew Desmond • Poverty, by America
The chronic stress that accompanies poverty can be detected at the cellular level. One study found that up to 5,500 premature deaths that occurred in New York City from 2008 to 2012 could have been prevented if the city’s minimum wage had been $15 an hour during that time, instead of just over $7. A higher minimum wage is an antidepressant. It is a
... See moreMatthew Desmond • Poverty, by America
When unemployment is low, that means the supply of labor is low relative to the demand, and so the price of labor—wages—will tend to rise.
Scott Galloway • The Algebra of Wealth: A Simple Formula for Success
Hauser uncovered the means to answer these questions definitively. In a Wall Street Journal article in 1993, he stated that “no matter what the tax rates have been, in postwar America tax revenues have remained at about 19.5 percent of GDP.” What a pity that his discovery has not been more widely disseminated.
The chart on this page, updating the ev... See more
The chart on this page, updating the ev... See more
W. Kurt Hauser • Hauser’s Law
Taxpayers in the top 5 percent of income already pay for more than 43 percent of the U.S. government, and taxpayers in the top 1 percent pay for more than 27 percent; at some point, taking more resources from the wealthy yields diminishing returns. Many of the Obama reforms, including much of the stimulus bill, and the health care bill, redistribut
... See more