March 11, 2016

FALLACIES DO NOT CEASE TO BE FALLACIES BECAUSE THEY BECOME FASHIONS, as G.K. Chesterton said: “Now that the Oregon legislature has hiked the minimum wage, effective this July, colleges and universities in the state have a decision to make: hire fewer student employees, cut the school’s budget, or raise tuition.”

Too bad they no longer study Chesterton or Kipling there, as the Gods of the Copybook Headings wouldn’t be at all surprised at this “unexpected” development. (aka “Bad Luck,” as Heinlein would say. I doubt he’s read much there either, at least in class.) As Richard Samuelson notes on Twitter, “If students didn’t expect $15 minimum wage to hurt jobs, University should fire entire econ dept.”

Hey, the New York Times has a Nobel-winning economist (and former Enron consultant) on staff, and Bloomberg was started by a former general partner at one of Wall Street’s biggest bond trading houses, and since January of 2009, they’ve been constantly surprised by “unexpectedly” bad economic news; why should their junior wannabe counterparts in college be any different?