Minimum wage increase generates anti-Obama buzz
Minimum wage is one of those touchy-feely Democratic issues that is supposed to take care of those who are mistreated by their thrifty employers, the same issue that is detested by Republicans, claiming it stifles small businesses and increases unemployment. But in discussions about minimum wage, you hear few pundits compare minimum wage to a nominal 3% inflation rate (see chart right, showing 29 years of minimum wage vs. the 3% inflation curve). In 2007, congress created the most recent amendment to the Fair Labor Standards Act that resulted in this month's wage boost, however some are blaming the current administration for hurting small businesses through an increase put in place before the election. If you look at minimum wage since 1980 -- when conservative Republican Ronald Reagan was elected President -- and plot where it should have tracked (through conservative economic incentives designed to produce growth in American industry), it always seems to trail inflation and ec...