…when demand curves slope upwards:

Card and Krueger proudly announced the repeal of the most fundamental law of economics: “Our empirical findings challenge the prediction that a rise in the minimum reduces employment. Relative to stores in Pennsylvania, fast food restaurants increased employment by 13 percent.” Except they didn’t. Their data, gathered by telephone survey, turned out to be “so bad that no credible conclusions can be drawn,” another study concluded. Other economists used actual payroll data instead of a phone survey and found just the opposite: the state-mandated pay hike reduced employment.

“Let’s hope that labor economist Alan Krueger, as he assumes his new position as Chief Economist to the President, remembers that demand curves really do slope downward,” Perry concludes.

Once again, it appears that Obama has hired the best incompetence that money can buy.

When it comes to economics, it’s the Democrats that are anti-science. Especially on the dismal one.

Why isn’t it? I think we know the answer to that.

You ought to be able to sell stuff without a permit. What’s amazing is that this was published in The Atlantic. Have they gone all Ayn Rand on us?

Selling stuff to people — bad. Forcing people to buy stuff — good, as long as the government does it.

And people wonder why there are no jobs? Only economically clueless people.