Money, Banking and The Fed
The Minimum Wage Increase And Unemployment
Originally Posted At Republican Study Committee
On January 4, 2007, when the Democrats took control of the U.S. House of Representatives, the minimum wage stood at $5.15 per hour and the unemployment rate was 4.6%. On May 25, 2007, the Democrats enacted a plan to raise the federal minimum wage from $5.15 to $7.25 over three increments. As evidenced by the above chart, rising unemployment since 2007 has coincided with minimum wage increases. So Chairman Miller was right: life has dramatically changed for millions of people.
At The Fed, Nothing Succeeds Like Failure
Originally Posted At The CATO Institute
By George A. Selgin
July 14, 2009
Although plenty of questions are being asked about Secretary Paulson's plan granting sweeping new powers to the Federal Reserve, a crucial one is in danger of being overlooked. That question is: What use has the Fed made of past extensions of its powers? Is it reasonable, given the Fed's record, to expect it to use new powers responsibly?
The answer ought to give plan supporters second thoughts. It is that, whenever the Fed acquired new powers in the past, it abused them, often with dire consequences for the U.S. economy.
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