Somebody named Joe left a comment explaining that he didn't like my post about New York rent control. I was going to reply in the comments, but my response got long enough that I decided to make it a post. Normally, I do that when a commenter brings up interesting points, but in this case I wanted to point out some particularly annoying argument tactics. It's sad that, as soon … [Read more...] about It Helps To Have an Argument
While idling my brain on Twitter, I stumbled across Jordan Fraade promoting his Baffler article about how New York needs rent control. It's a little like discovering a grown-up who believes in fairies. For something that so deeply affects the workings of the city’s housing market, rent regulation in New York is widely misunderstood. At a recent event put on by the Pratt … [Read more...] about Clap If You Believe In Rent Control
Former Joe Biden chief economist Jared Bernstein has a piece up at PostEverything extolling the virtues of the $20/hour wage rate paid to McDonald's employees -- and other fast food workers -- in Denmark. The base pay for a fast-food worker in Denmark is $20, and the pay package includes considerable non-wage benefits, including five weeks’ paid vacation, paid maternity and … [Read more...] about The Unappreciated Virtues of Low Prices
I see that our mayor has proposed a city ordinance to raise Chicago's minimum wage to $13 an hour. The current minimum wage in Illinois is $8.25/hour, a buck over the federal minimum, so that amounts to a 58% hike. This follows Seattle's decision to increase their minimum wage to $15 a few months ago, and it's in step with attempts to raise both the Illinois and federal minimum … [Read more...] about What Could Be Worse Than Raising the Minimum Wage?
I've been seeing this chart meme in a few places lately:The URL at the bottom indicates it's from the folks at "I love it when I wake up in the morning and Barack Obama is President." I'm assuming the numbers are accurate. There's no date on it, but with that Dow number it has to be fairly recent.Economic recessions are, by definition, deviations from the norm. The … [Read more...] about 5 Years of the Business Cycle