On May 4, 2014 at 12:32, Greg C said...
Hmmm, what else was going on in 2009? Could it be the Great Recession and the collapse of major Wall Street firms in late 2008 may have some influence? But don't let those pesky facts get in the way.
Get in the way of what? Could it be, yes. Could it not be, yes.
Correlation and causation are two different things. Did violent crime drop in NYC in the 90's because Giuliani's broken window policies, or was it the economic boom. Maybe it was the disappearance of leaded gasoline.
It depends on the agenda of who you ask.
The other thing to look at is what people are getting paid now compared to before. I was working a retail job in the 70's while in college and getting paid $ 4.50 to start. In 2014, my daughter is working an equivalent job making only $ 7.75. Gas was under $ .90 for me, now $ 3.80. I rented a 3 bedroom house for $450. A small studio apartment is now over $ 800.00 in a decent neighborhood. The pay to those on the lowest rung has gotten smaller and smaller. Profits for the largest companies are at record highs. Their tax bill are at all time lows.
In 1974 minimum wage was $2.00. If you were making $4.50 to start that wasn't because the government mandated it.
I was listening to a person from the Heritage Foundation the other day saying we should expand the earned income credit for those earning under poverty wages. So the gov should in effect subsidize Walmart being a cheap ass instead of raising the minimum wage. Every study shows that whatever increase wages those at the low end receive are instantly spent and goes to economic growth. That is because they live paycheck to paycheck.
