Thomas Sowell Debunks Robert Reich on Minimum Wage

Looks like Reich and Jon Stewart are morphing into the same person.

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Looks like Reich and Jon Stewart are morphing into the same person.

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I'm not sure Jon Stewart is anywhere near Reich's 4'8" stature.

One of my favorite Rush bits was how he pronounced Reich’s name.

During COVID I got tired of hearing competing stances on Minimum Wage and whether it impacted inflation or not so I created a spreadsheet that I used to list out the minimum wage of each year since it was created (1938) then compare it to inflation and unemployment.

When averaged over time (from 1938-2020):

Inflation Rate:
Average: 3.598795181%
Average of all years with MW increase: 5.090909%
Average of all MW years plus following year: 5.1363636%
Average of all MW years plus following two years: 4.38636363%

Average of all years without MW increases: 2.921311475%


Unemployment:
Average: 6.012048193%
Average for all years with MW increase: 6.3095%
Average of the next year after MW increase: 7.1818%
Average of 2nd year after MW increase: 6.8%

Average of all years without MW increase: 5.6967%

I purposely did the averaging for years following in two different ways: one lumping them together and one separating each of the years as their own average. Both ways show the same pattern (I've included the summed version of Inflation and the segregated version of Unemployment here just to show that both methods do indeed show the same pattern).

Anyone sitting down with the data and crunching the numbers comes to the same conclusion. Thus, if someone claims something different they either haven't done the actual work to look into it for themselves or they are lying.

Hes a gaslighting propagandist. The literal definition of disinformation.