Over the last five years, the real U.S. minimum wage has dropped 75 cents an hour. This is true even though nominally speaking, from 2009 to 2014 the U.S. minimum wage has remained at $7.25.
The above paragraph may seem paradoxical, but it isn’t. The two statements are resolved by noting the difference between “real […]
When I opened the paper on October 18, Chance Brown’s Hi and Lois comic strip struck me soundly. Poor Hi, we’re meant to conclude. But are the circumstances related in the strip accurate? I did a bit of fact checking:
Correction 1: Gas hasn’t had a price of $3.99 per gallon in the United […]
When the U.S. Congress does nothing about the minimum wage, it cuts the minimum wage.
That statement may seem paradoxical, but it isn’t if you keep in mind the difference between nominal wages and real wages. The word “nominal” is just an adjective used to mean “the name of something,” and so a “nominal dollar” […]
Last March, I wrote about two bills before the U.S. Congress — H.R. 1010 in the House and S. 460 in the Senate. Together, these bills are known as the Fair Minimum Wage Act, and if passed they would increase the minimum wage from its current $7.25/hour to $10.10/hour over the next two years. After […]
The Fair Minimum Wage Act of 2013 (H.R. 1010 in the House and S. 460 in the Senate) is a bill that would increase the minimum wage from its current $7.25/hour to $10.10/hour over the next two years. After that point, the minimum wage would automatically increase to keep pace with inflation — the tendency […]
Republican Representative Darrell Issa has been making a big deal lately over the notion that federal worker pay has supposedly been rising from 2010 to 2012. His “infographic”:
I have no idea whether Issa’s claim is actually true, because he does not cite any source. However, even if this claim is true in the […]
In his 2013 State of the Union address, President Barack Obama called for a restoration in the minimum wage and a change to make it keep pace with inflation:
“We know our economy is stronger when we reward an honest day’s work with honest wages. But today, a full-time worker making the minimum wage earns […]
Under Barack Obama, we have seen an increase of $23.75 cents per barrel of crude oil – a rise of 55.9 percent. […]
Since Obama was inaugurated, the price of crude oil has increased over 23 percent. Is Barack Obama on his way to an explosion in crude oil prices of the sort we saw under Bush? […]
The price of oil went up by nearly 500 percent under George W. Bush before the restraint of American citizens brought it back under control. What will happen to the price of oil under Barack Obama? […]
I think that there’s a good argument to be made for the idea that, although the current financial crisis is founded broadly upon problems in credit markets, that the economic stress that provoked the breakdown in credit markets was the rapid inflation in gasoline and other oil-based energy products. […]