Fall 1986. I was hanging out with my older sister in her bedroom when I came across a binder for some basic economics/personal finance class that she was enrolled in at the local public high school. As I leafed through it, I thought, “This is some pretty cool stuff- I hope I get the chance to take a class like this when I’m in high school next year.” I didn’t. Not in my freshmen year or any other year. I ended up at an all-boys Roman Catholic college preparatory high school, where such material just wasn’t taught.
Latin, yes. Economics/personal finance, no.
Ita sit (so be it).
In fact, Illinois Governor Pat Quinn also attended the same school. Both of us might have been able to benefit greatly from such instruction early on.
Perhaps one more than the other, based on a new minimum wage hike the Chicago Democrat proposed yesterday in his “State of the State” address. From Paul Merrion on the Crain’s Chicago Business website yesterday:
Gov. Pat Quinn’s call for a $10 minimum wage has created yet another firestorm for the state’s business community.
While economists question whether higher minimum wages hurt jobs and make some states less competitive than others, Illinois business leaders view the governor’s proposal as one more blow to the state’s battered business climate.
Illinois already has the fourth-highest minimum wage at $8.25 an hour, and raising it more than 21 percent over four years would put it far above Indiana or other neighboring states eager to attract Illinois companies to relocate.
According to Merrion, a minimum wage of $10 would be the highest in the country.
Supporters of Quinn’s minimum wage hike are calling it “pro-worker.”
Whether or not “higher minimum wages hurt jobs” directly, a higher wage, in conjunction with the state’s huge fiscal mess and recent (January 2011) corporate income tax rate hike of 46 percent, might be the last straw for Illinois companies contemplating leaving the state and kill the formation of new businesses here. By itself, the effects of the hike may not be significant. But taking everything else into consideration, the growing belief that Illinois is “anti-business” will probably be magnified by its implementation, and jobs could be impacted as a result.
Pro-worker? What good’s a minimum wage hike if jobs leave the state and new ones aren’t created?
Economics 101, my man. Economics 101.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
Merrion, Paul. “Quinn’s call for $10 minimum wage riles business.” Crain’s Chicago Business. 6 Feb 2013. (http://www.chicagobusiness.com/article/20130206/NEWS02/130209864/quinns-call-for-10-minimum-wage-riles-business). 7 Feb. 2013.
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