Month: November 2013

Obama The Good, the Bad, and the Uglies

Ugly extreme supporters and opponents:
Believing that they have the one true truth and the other side is evil incarnate. Compromise is a betrayal of their truth (rather than a recognition that reality is multidimensional and beyond a single ism).

Minimum Wage Increases GDP

When the minimum wage is raised, don’t overlook the effect on GDP. Money is being transferred (in the starkest version) from the owner’s profits to the worker’s pocket. The owner’s consumption of his excess income is much less than the worker’s consumption requires. More of the worker’s income goes into economic activity, increasing GDP rather than going to the owner’s savings.