Obama: Minimum wage increases help the middle class (?)

[PS90]

Originally Posted by Opin_Yunated

No, you would be 100% wrong.

Inflation is not caused by minimum wage. Inflation is caused by global energy costs. You may want to rethink your entire OP.

Okay. Proof? You tell me I'm wrong, but then provide no evidence.

Granted, as I said, I am no economist, but increasing minimum wage increases costs. Most posters on this thread agree with that. If that's wrong - you need to give evidence, otherwise your bold comments are meaningless.

[PS90]

Originally Posted by freemkt

Sure, but most of the stuff I buy comes from a better-paid workforce e.g. oil workers are usually paid well above minimum wage, so if gas prices necessarily skyrocket, I won't blame minimum wage.

I guess I don't understand. So what you're saying is, if the minimum wage jumps up, followed by skyrocketing gas prices, then you will assume the gas price increase must be due to something other than minimum wage increases?

We have a saying in my profession: "When you hear hoof-beats - think horses, not zebras". Basically it means that, when tackling a problem, you should first consider the most likely, obvious solution and not assume that you need some exotic, rare solution.