There's much more commentary at the link, but this 11 year old couldn't explain the impact of the minimum wage more succinctly than this. However, I don't think that Senator Clintron understood this Econ 101 moment.
Cafe Hayek: Unintended Lesson
Cafe Hayek: Unintended Lesson
Last night, Hillary Clinton was on the Tonight Show and she gave a phenomenal example of the power of economics. Unfortunately, she did not appear to understand the example. At the 3:23 mark of this video, she tells a story (HT: Jim Colburn):
I was in Indianapolis the other day and I was shaking hands after I spoke. And there was this young boy about eleven years old and he's trying to tell me something—you know the crowd was yelling—so I leaned over and he said, "You know, my mom makes minimum wage and even though it went up, her hours were cut. So we're not making any more money. Can you help her?" You know, when somebody says something like that to you, it really does kind of energize me. I think, yeah, I can, I'm going to really try to help you, because this is wrong.
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