More than 1 million Californians who earn the minimum wage will get a nearly 20% pay increase over the next year and a half, thanks to an agreement announced Monday between Gov. Arnold Schwarzenegger and Democratic leaders in the Legislature. The hike, the first since early 2004, will lift the state minimum wage to $8 an hour from $6.75. Workers will get a 75-cent increase Jan. 1 and an additional 50 cents on Jan. 1, 2008. (Los Angeles Times, Tuesday)
Economic laws? What economic laws?
FEE Timely Classic
The Minimum Wage: Good Intentions, Bad Results by Roger Koopman