October 28, 2008
Andy Rooney & The Minimum Wage
From Andy Rooney's commentary last Sunday:
The highest minimum wage is in the state of Washington - $8.07 an hour. The lowest is in Kansas where some companies pay as little as $2.65 an hour.
Old Andy might benefit from a chat about the difference between binding and non-binding price floors. Kansas may have a minimum wage law of $2.65 per hour, but I bet few companies can get workers willing to work for that wage unless the job comes with tips or unusually generous non-cash compensation. By Rooney's logic that companies can get by with paying the legal minimum wage, New York's minimum wage must be whatever it is that he's being paid by CBS.
Any Kansans working for $2.65 an hour are welcome to send me an email and I'll append a correction.
Posted by E. Frank Stephenson at 10:48 AM in
Economics