FDR, without the monetary stimulus

Right on the eve of the biggest negative NGDP shock since the 1930s, Congress and the Bush administration got the bright idea of raising the minimum wage by 40%. Now President Obama seems to want to double down on that failed policy.

WASHINGTON—President Barack Obama’s proposal …

imageRight on the eve of the biggest negative NGDP shock since the 1930s, Congress and the Bush administration got the bright idea of raising the minimum wage by 40%. Now President Obama seems to want to double down on that failed policy.


WASHINGTON—President Barack Obama’s proposal Tuesday to raise the federal minimum wage is likely to rekindle debates over whether the measure helps or hurts low-income workers.

White House officials say the move to boost the wage to $9 an hour, from $7.25, is aimed at addressing poverty and helping low-income Americans.

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