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Robert Samuelson: Obama uses fairy tale economics on minimum wage – The Washington Post
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Are you folks sure that this is from our Washington Post? What happened to Obama’s most reliable mouthpiece? Has the worm turned and sanity returned?
The Post was bought out by alleged conservatives. At least they are no longer loony leftists.
Samuelson has always been an economic realist.
Samuelson, a liberal if I recall, is one of the media beginning to wake up and “smell the coffee,” as Ann Landers used to say. However—
Obama has used to media like a mistress. Now that he has centralized the power he needs, he no longer needs them. Or, so he thinks. I’d bet Obama doesn’t care a hoot about what Samuelson or others say at this point. Rather, he now lives in an insular bubble of his own making and will continue to proclaim his “truth” for all to worship.
Samuelson is definitely liberal as many of his editorials in the WaPo are also published in Investor’s Business Daily (investors.com) editorial page under the “On the Left” perspective. Example but not this article: http://news.investors.com/ibd-editorials-on-the-left/021914-690503-competition-makes-unionization-an-iffy-thing-for-workers.htm
Personally I think he is left leaning in political philosophy, but simply cannot support this case and risk his reputation as an economist if he were to support it.
http://youtu.be/mjD23OcVJvk
Minimum Wage
http://youtu.be/60rvDF1kpcQ
Raising minimum wage will not reduce job turnover. If I get paid more at my present job than any other available job I will stay with my present job. Minimum wage makes all available jobs for the low skilled the same rate. It provides absolutely no incentive to stay at your present job since you get the same minimum wage anywhere. In fact, If you are getting paid minimum wage, you, above all other people, have absolutely no incentive to stay at your present job.
Obama’s sudden interest in the minimum wage is not so much about the economy as it is about the upcoming elections.
Samuelson represents to Post’s attempt to introduce mainstream economic thinking. He has a long association with the Post. But George Will and Charles Krauthammer do the publication’s heavy lifting when it comes to criticizing the President. Regardless, none of this criticism matters as the crowd that he is pitching to never reads these sources of information. No member of the White House press corps would ever ask such a specific question that forces him to go more than 2 sentences into the real subject matter. Wouldn’t it be nice to hear the following: Mr. President, what economic literature on the impacts of increases in minimum wage shaped your thinking on the issue and why?
Never going to happen.
Obamacare was supposed to create 4 million jobs: http://www.youtube.com/watch?v=xNgHQjnK4q0
Instead, it will incentivize over 2 million FTEs to leave the workforce and pursue their dreams on the taxpayer dime. http://www.youtube.com/watch?v=xNY1QOqnXLM
I hate to tell you Obama not only did not create 4 million jobs, he LOST 6.5 million jobs from December 2007 to October 2011. 2 million in manufacturing and 2 million in construction. With lesser losses in all other Job sectors except for health and education which gained jobs. GRAPH (Graph from Shadow Government Statistics)
At this stage, Obama is all rhetoric. (Was he anything but?) He’s talking a good game throwing out carrots to lure voters for the mid-terms. Nothing more. The carrots have no substance. They’re sound bites with no substance. They’ll get taken away or forgotten about immediately after the election only to suddenly reappear in 2016. The US electorate is dumber than a donkey.
Obama is just following in Bill Clinton’s foot steps. Clinton is the one who dealt the death blow to the USA by ratifying the World trade Organization and bringing China on board and then giving China our US technology.
Read Chasing the Dragon: Clinton’s China Policy to see just how much of a traitor that SOB is.