Gongol.com Archives: May 2016
Warren Buffett reiterates his argument that the minimum wage is a bad instrument by which to really improve the lives of the working poor. It's not a philosophical argument; it's a practical one. In practice, a higher minimum wage may make a marginal difference to the lives of some adult workers who earn it. But about half of people at minimum wage (48%) are under age 25. Raising the wage by too much will reduce the number of entry-level working opportunities available to them -- which reduces their ability to acquire things like the soft skills and job experience that put them on the ladder to future, higher-quality jobs. Raising the minimum wage to track inflation -- or even just a modest boost -- aren't bad ideas, necessarily, but they aren't real systemic fixes for the deeper issues. Targeted assistance like the Earned Income Tax Credit is probably more efficient at helping the true breadwinners who are at low wages, and ultimately the broader solution is a matter of job training and education. Of all people at or below minimum wage, only 16% have at least an associate's degree. In the long run, we need to fix the training and educational system so that workers have higher market value that places them well above the minimum wage as a market-clearing rate.
That doesn't usually happen, apparently
Is it "crayfish" or "crawfish"? Depends on where you live.
Regrettably, that crazy person is running for President
The economics of the newspaper business have never favored anything other than natural monopoly, anyway -- but high production and distribution costs in a time of digital media are enough to topple almost any duopolies that remain
The over-aggressive ground cover is spreading everywhere