So I don't read the paper. As I've said before, the paper, is for old people who want to be told what to think and how to feel. But there was a copy of the Pioneer Press on the table in the atrium and I couldn't help but notice the headline;
"CHICAGO COUNCIL OKs LIVING WAGE"
What seems to have happened is that Chicago's city council, in all of its wisdom, decided to pass a law requiring employers beyond a certain size to pay $10/hr minimum wage and $3/hr in health benefits.
The purpose in this I presume is to provide the workers of Chicago a living wage.
So riddle me this, riddle me that aspiring and junior deputy economists, WHAT IS THE EFFECT THIS NEW LAW GOING TO HAVE ON CHICAGO'S LABOR MARKET???!!!?!!!?
One doesn't have to be a U of Chicago grad student to realize that companies will just not set up shop in the first place in Chicago, IRONICALLY HAVING THE REVERSE EFFECT OF WHAT WAS INTENDED BY THE IDIOTS IN THE CHICAGO CITY COUNCIL!!!
Again, it seems the parasite has killed off its host and not realized it and in doing so has condemned itself. For while it may be grand that wages are now higher, unfortunately, this will deter companies and potential employers from conducting business in Chicago, and thus THERE WILL BE NO FREAKING JOBS, let alone ones that pay $10/hr. Furthermore, this will contribute to the divide between rich and poor in Chicago as now the only businesses that will set up shop are those that need specialized labor and would have to pay about $10/hr anyway, and thereby denied unskilled and presumably poor labor any employment prospects.
But what I get a kick out of the most is the response of those useful idiots who failed to understand this basic economic concept of the labor market. These morons who don't realize their jobs are gone. These idiots who think 0 jobs at $10 is better than 50,000 jobs at $7 or $8. What is their response?
U of Chicago graduates, they are not.