"Good Intentions" with Dr. Walter E... by RocketmanRockyMatrix
In writing a new law (which by the way is unconstitutional and thus lawless), Obama has used his pen to write in his will of a 25% increase of the minimum wage. Bad idea, but in line with his statist thinking.
But here's where real economics shows it's bad. Dr. Walter Williams, a distinguished professor of Economics at George Mason University says so simply (which is why I really enjoy reading him):
~Walter Williams on Obama's SOTU address in 2013
And of course, it's worse. He raised it more than 25%:
"President Obama, in the first of potentially many executive actions tied to his State of the Union address, will unilaterally increase the minimum wage for workers under new federal contracts to $10.10 an hour, from $7.25, in an effort to build momentum for a minimum wage hike for all Americans."
That will mean two things: less employees being hired (the employers can't afford as many workers at that higher rate), or less building/producing.
And of course, by the time the next president (likely) comes into office, the damage is already done but Obama won't face any consequences.