Minimum Wage Laws Cause Unemployment

Wednesday, August 4, 2010 \PM\.\Wed\.

The traditional economic take on the minimum wage is that it causes unemployment. If the law says that an employer must either pay a man $7 an hour or nothing, and the man is only worth $5 an hour to the employer, then he will pay him nothing, and the man may go jobless. Many people are skeptical of this line of reasoning. After all, the U.S. recent raised the minimum wage from $5.25 an hour to $7.15 an hour, and it’s not like unemployment is terribly high right now.

Okay, bad example. The truth is that while the theoretical case against the minimum wage is sound, it can be hard to test the theory empirically by looking at the U.S. because minimum wages here tend to be low enough as to only apply to a small portion of the population (around 3%). Given that the minimum wage applies to so few workers – and the fact that market wage for even those workers is probably not far off the legal minimum – its not surprising that whatever effect minimum wage laws have on unemployment tends to get obscured by larger trends in the economy.

The picture is different if we take a worldwide perspective rather than confining ourselves to looking at the U.S.

Read the rest of this entry »

Advertisements

Set Me Free (From Ideologies) Part 2

Wednesday, April 28, 2010 \PM\.\Wed\.

 

To follow up on my first installment of “Set Me Free (From Ideologies), I am going to draw again from the rich well of Pope Benedict’s powerful encyclical Caritas In Veritate.  In this case it would seem that in paragraph #25 the Pope is sounding kinda liberal if we would attempt to fit the views expressed into one or another of our American political ideologies. Read the rest of this entry »


Looking into the Cloudy Ball

Thursday, April 15, 2010 \AM\.\Thu\.

Tax day is a day when all Americans are reminded about the importance of politics and think about the importance of the political future so they can adjust their budgets accordingly. Most of the time in politics we have a reasonably good idea of what’s going on: what the issues are going to be, who the favorites in the next election are, who are the main blocs, etc. Of course, there are always surprises and upsets.

Read the rest of this entry »


Pray for the Unemployed this Advent and Christmas

Wednesday, December 16, 2009 \PM\.\Wed\.

In my brief life on earth I have not experienced such high unemployment amongst my family and friends this year than ever before.  As each week passes I hear of another friend or acquaintance who has lost his or her job.

This is the worst recession I have seen and I don’t see any signs that it will let up for the next 9-12 months.  So I find it appropriate that a simple request to all our readers to make time this evening prior to going to bed and include those that are unemployed, especially those with families and dependents in your prayers.

With extra time on our hands the unemployed can remain steadfastly busy by working on their faith through prayer and service.  For when work does come around there will not be time for such activities.

The following prayer is a traditional Catholic prayer that I have used from time to time due to the nature of my work of being an independent contractor and one that helps to put life in proper perspective and order:

Dear Lord Jesus Christ,
You wanted all who are weary
To come to You for support.
Lord, I am worn out
By my inability to find work.

Guide my steps to a righteous path;
Give me the patience
To find opportunities with a future.
Calm my worries and fears
As my financial responsibilities mount.
Strengthen my resolve;
Embolden my heart to open doors;
Open my eyes to see life beyond rejections.
Help me believe in me.

Let me realize other ways
To bring about Your kingdom on earth.
Let me grow as a person
That I may be worthy
For Your greater glory.
In the name of the Father, Son, and Holy Spirit,

Amen.

Saint Joseph has been especially helpful for me and I strongly recommend him for those seeking employment:

Dear Saint Joseph, you were yourself once faced with the responsibility of providing the necessities of life for Jesus and Mary. Look down with fatherly compassion upon me in my anxiety over my present inability to support my family. Please help me to find gainful employment very soon, so that this heavy burden of concern will be lifted from my heart and that I am soon able to provide for those whom God has entrusted to my care. Help us to guard against bitterness and discouragement, so that we may emerge from this trial spiritually enriched and with even greater blessings from God.

Amen.