[This post was originally written for my employer’s blog, Show-Me Daily.]
Missouri’s minimum wage cranked up last week, as reported in the Columbia Tribune, a welcome relief for struggling workers in our present economic turmoil.
Well, it’s a relief for some of the people who were making less than $7.05 per hour; everyone else has to make do without an automatic, state-mandated raise in pay. Moreover, if our own policy studies of minimum wage are to be believed, statewide unemployment may be even higher in 2009 than this troubling prediction indicates. The standard, simple economic argument against minimum wage can be viewed here.
(The title of this entry is a reference to the TMBG song.)