What a Fool Believes

But what a fool believes
He sees
No wise man has the power
To reason away
--Doobie Brothers

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.