Martin Phillipps of the Chills might be afforded some respect since in his admitting that, having some 20 years ago written a song about the imminent disappearance of tigers from the planet and finding that, in fact, there are plenty of tigers still around, he feels rather “ripped off” (Radio NZ – Sunday Morning).
This is not unlike reading the US Congress latest analysis of the likely impacts of lifting the minimum wage law in the US to $10.00 (U.S.) an hour which in their analysis (bearing in mind they are charged with producing a non-partisan assessment) which shows that the increase would entail:
- the loss of around 500,000 jobs
- benefit some 19% of those on the US poverty line
- that 29% of those benefiting have incomes three times the poverty rate, and,
- amongst the rest, those with jobs fall in between these levels.
Not being an exact science levels vary of course. Jobs lost could for instance vary – between 200,000 and 1,000,000 they note (see Mankiw and link).