Up is down! Black is white! Keynes is Friedman! It’s like we’re living in economic Bizzaro World!
First, there’s this:
Maybe a higher minimum wage isn’t so bad for job growth after all.
The 13 U.S. states that raised their minimum wages at the beginning of this year are adding jobs at a faster pace than those that did not, providing some counter-intuitive fuel to the debate over what impact a higher minimum has on hiring trends.
And now, there’s this:
The big takeaway: There is a clear connection between economic inequality and low-tax, low-cost state business climates (or, more accurately, business climate indexes based on those factors). As they put it: “The same tax and cost related indexes that are associated with higher economic growth are also associated with increases in inequality.”
Omigod, it’s like everything the supply-siders have been telling us for the past 40 years is wrong! A higher minimum wage does not decrease economic growth, and a rising tide does not raise all boats!