minimum wage increase caused the 2008 recession
Well its official the recession started in dec 2008 right after the minimum wage increased.
To quote a UK blog about the UK min wage.
in a period of recession a minimum wage is likely to deepen that recession by preventing labour markets from clearing. Firms will be unable to take on new employees willing to work for relatively low wages in order to escape unemployment; if firms cannot take on new employees and people cannot exit from unemployment, then the route out of recession becomes much slower and more arduous.
Sadly, rather than reducing or abolishing the minimum wage, in March this year the government announced that next month it will increase to ÂŁ5.73 per hour. In the present economic climate this is, frankly, lunacy.
The truth is that we need to abolishing the minimum wage and let people bargen for a going wage. But people voted for a president who wants to raise it so its clear to me that when it increases again in Jan 09 that things will only get worse. And when Obama ads his on raise onto that we will dive deeper into a depression.
Is this the change you voted for?
Special Forum Templates.
That wasn’t the start of it.
After 9/11, bin Laden said one of his goals was to ruin the world economy. One easy way was through OPEC who, whether by choice or fear of death by al Quida, started raising oil prices to exorbient excesses. Remember, it was the WORLD Trade Center, not the U.S. Trade Center.
Then, Wall Street speculators started bidding up the oil market prices, which took over after OPEC started lowering prices.
And then, the Dems passed the min. wage raise just when money was beginning to lose power. They have a not so secret plot to bring America to her knees for past indescretions like slavery, genocide of the Native Americans, supporting dictators, joining World Wars, and blah, blah, blah!
WHAT A LOAD OF CRAP!!!
Dems don’t live in the real world. They live in fairyland of peace, love, and everybody MUST get along.