Episode 0116 - What Is The Minimum Wage Really All About?

Ever since there has been a minimum wage, economists and politicians have been arguing about whether or not we should have it and how much it should be.  It seems like we can never get to a point of agreement, why?  In large part, this is a political discussion first and foremost, which leads to endless disagreements about the economics of the minimum wage.  The truth is the minimum wage is neither good nor bad, but it is hard to understand whether you're for or against something unless you understand the tradeoffs associated with a policy.  The minimum wage is no different than any other government policy.  It has to be understood not just for the benefits but also for the costs.  Join me today as we use a popular Robert Reich video on the subject to critique his fairytales and rainbow version of the minimum wage.  Robert Reich's "Four Myths about the Minimum Wage".