But what a fool believes
No wise man has the power
To reason away
The following image was tweeted by Barack Obama on December 4th. The corresponding post read, "Here's how to improve our economy and create thousands of jobs. #RaiseTheWage"
Anyone with a modicum of economic understanding knows that the cause-effect suggested above is absurd.
The obvious question is this: why stop at $10.10/hr? Why not raise the minimum wage further and generate even more prosperity? For instance, at the going rates suggested above, raising the wages to $5000/hr would double yearly GDP, allow us to pay off most of the federal debt, and eradicate most national unemployment.
This president is either a fool, or he hopes that you are.