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Monday, June 9, 2008

They Were Warned . . . The Idiots

Unemployment spiked recently.

. . . This huge jump in the size of the unemployed comes from new entrants to the economy—hundreds of thousands of them. In short, well over 600,000 people who were not job seekers in April became job seekers in May. And who starts looking for work at the end of Spring? That’s right—students. . . . Congress is to blame. Last year Congressional Democrats (along with some Stockholm-Syndromed Republicans) passed the Fair Minimum Wage Act of 2007, which started a phased hike of the minimum wage from $5.15 an hour to $7.25. Free market economists warned them that this would increase unemployment—that rapid increases in unemployment compensation hit teens and minorities the hardest. . .

Hell, you don't have to be a genious to predict this. But congress is full of economic morons.

1 comment:

Richard Jennings said...

Unemployment is high statistically and minimum wage jobs suck but one person is not a statistic and there are thousands of high paying jobs avialable -

http://www.realmatch.com
http://www.monster.com
http://www.hotjobs.com

You see, you write the book of your own life, not bush, not the economy, not statistics.