In his State of the Union address last week, President Obama called for a $1.75 per hour minimum wage hike, from $7.25 to $9.00.
New York Times columnist Paul Krugman opined that, “surprisingly,” increasing the minimum wage may be good policy: “Why ‘surprisingly’? Well, Economics 101 tells us to be very cautious about attempts to legislate market outcomes.” No, I didn’t make up that disclaimer; that’s just Krugman trying to sucker you with a little false modesty. Don’t worry — he still comes out all in favor of the wage increase.