"The forces of the market are just that: They are forces; they are like the wind and the tides; they are things that if you want to try to ignore them, you ignore them at your peril, and ... if you find a way of ordering your life that is compatible with these forces, indeed which harnesses these forces to the benefit of your society, that's the way to go." -- Arnold Harberger, University of Chicago Economist
Wednesday, February 6, 2013
Increasing the minimum wage in Illinois to $10 an hour - should you move there?
EXCERPTS:
"Gov. Pat Quinn is expected to call on lawmakers to raise the minimum wage, allow online voter registration and switch Illinois to open primary elections when he delivers his State of the State at noon today.
"Quinn wants Illinois' minimum wage to increase from $8.25 to $10 an hour, according to a source familiar with the planned remarks. The federal minimum wage is $7.25 an hour, but Illinois' rate has been higher for years.
"The Democratic governor, who faces re-election next year, also intends to focus on his accomplishments since taking office while delivering a frank assessment of the budget challenges the state still faces.
QUESTIONS:
1. Will increasing the minimum wage to $10/hour ensure that everyone will earn more?
2. Who will be hurt by this increase?
3. Do you think those who are hurt by the increase will realize that the governor's policy was the cause of their being hurt?