[rabscuttle385]

Sen. Ted Kennedy (D.-Mass.) said he was willing to raise the minimum wage much higher. He, along with Rep. George Miller (D.-Calif.), said, “We’re going to introduce a bill to raise it to $9.70 an hour.”

Hell, why not raise it to $97.00 an hour? Or $970.00 an hour? Or maybe $97,000,000.00 an hour? That way everyone can be a millionaire, because after all, we are all equally entitled to the fruits of success!

Note my dripping sarcasm.

[facedown]

Or maybe $97,000,000.00 an hour?

Now you've gone too far. $96,999,999.00 an hour is plenty.

[Bommer]

Hey comeon! Lets be fare. The Democraps are looking for winning the McVote block of the fast food nation!

[Augustinian monk]

On the bright side, however, the only way the minimum wage hike is bad is if people are going to take the extra money and bury it somewhere. Otherwise, it will be spending capital that circulates back into the economy.

[GeorgefromGeorgia]

I like your sarcasm. It makes the point that the minimum wage such as $10 per hour, clearly above what the market value of the labor, distorts the economy and makes it harder to create entry level low skilled jobs. It is proven that most minimum wage jobs are held by teenagers or low skilled workers that generally advance to higher paid jobs over time.

The higher the minimum wage, the more distortion. The median income in the USA is about $40k per year or a little less. 40K = $20 per hour. Make the minimum wage $40K per year and job will go away, harming low skilled workers from gaining work experience, etc. Raising the wage from 5 to $6 per hour is not as damaging, since the market generally pays more than those wages, but the higher you go, the more it seriously infringes on the free market.

[badgerlandjim]

$97,000,000.00 an hour? No way, man. No blue collar job on earth is worth more than about $5,000,000.00 an hour.

[griswold3]

Can you say hyperinflation?

My German mother tells a joke about the economic situation before Hitler.
When theives encountered a wheelbarrow full of cash, they took the wheelbarrow.

They factory operators also let the workers off early on payday, before the value dropped!!

BTW, in 2009 the minimum wage with EIC will be $9.40/hr for a family of three.