Cato Institute chimes in on Chicago’s legislated wage increase:
In "Minimum Wage Socialism," James A. Dorn, professor of economics at Towson University and editor of the Cato Journal, writes: "The idea that legislators can help low-income workers simply by mandating a pay raise is the height of hubris. While the minimum-wage rhetoric may sound good, the reality is quite different. Forcing employers to pay low-skilled workers a higher than market wage -- in the absence of any changes in productivity -- will decrease the number of workers hired (the law of demand)."
Meanwhile, Rush Limbaugh asks, as he always ask when minimum-wage legislation comes up, Why stop at $13 an hour by 2010? If it’s a good thing, then move it to $75G a year for all, with fully paid, no-copay health and medical? These Second City aldermen are pikers.