Joshua McNichols/KUOW

Something to Keep in Mind (Minimumawecity Mix)

McPoverty protesters outside Wendy's restaurant on Lake City Way in Seattle on Thursday, Feb. 20. (Photo: Joshua McNichols/KUOW)

Barry Ritholtz, for Bloomberg:

Consider as an example what Mark Perry, at the American Enterprise Institute, wrote a month before the first phase of Seattle’s new minimum-wage law went into effect. The city’s “government-mandated wage floor … guarantees reduced employment opportunities for many workers.”

As one of my colleagues wrote last week, the “unemployment rate in the city of Seattle―the tip of the spear when it comes to minimum wage experiments―has now hit a new cycle low of 3.4%.” Meanwhile, a University of Washington study on the minimum wage law found little or no evidence of job losses or business closings.

Although you can never declare a game over until the final whistle, this experiment is starting to look like a rout.

Given the strangely anti-labor mood in which Americans find themselves, remember this when we start hearing about what a bad idea a useful minimum wage is supposed to be.

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Image note: McPoverty protesters outside Wendy’s restaurant on Lake City Way in Seattle on Thursday, 20 February 2016. (Photo: Joshua McNichols/KUOW)

Ritholtz, Barry. “Minimum-Wage Foes Tripped Up by Facts”. Bloomberg View. 7 December 2016.

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Recommended Holiday Reading

McPoverty protesters outside Wendy's restaurant on Lake City Way in Seattle on Thursday, Feb. 20. (Photo: Joshua McNichols/KUOW)

E.J. Dionne Jr. opens his Labor Day column for the Washington Post with a basic reflection:

Many conservatives and most libertarians argue that every new law or regulation means that government is adding to the sum total of oppression and reducing the freedom of individuals.

This way of looking at things greatly simplifies the political debate. Domestic issues are boiled down to the question of whether someone is “pro-government” or “anti-government.”

Alas for the over-simplifiers, it’s an approach that misreads the nature of the choices that regulators, politicians and citizens regularly face. It ignores that the market system itself could not exist without the rules that government establishes, beginning with statutes protecting private property and also the various measures against the use of force and fraud in business and individual transactions.

More important, it overlooks the ways in which the steps government takes often empower citizens and expand their rights. Nowhere is this more obvious than in the realm of work.

It’s Labor Day, so there is no required reading. Might I, then, strongly encourage Mr. Dionne’s holiday offering?

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Image note: Hey, I’ve been there! ― McPoverty protesters outside Wendy’s restaurant on Lake City Way in Seattle on Thursday, Feb. 20. (Photo: Joshua McNichols/KUOW)

Dionne Jr., E. J. “The right question to ask about government”. The Washington Post. 6 September 2015.