January 1, 2015

The friends at Faux News had on their token professorial friend and economist, Peter Morici to cry the sky is falling, the sky is falling! Because the minimum wage is set to increase in twenty-one states across the nation, Morici is on to explain how that may damage our recovery. Funny, they say nothing of why we need to recover, as Baby Bush was at the helm for eight years spending Bill Clinton's surplus and sinking the country into a massive recession. Let's forget about that, that's in the past. Let's focus on those people even Bill O'Reilly claims deserve a wage hike.

Yes, Bill O'Reilly disagrees with Professor Supply-Side Economics. Clayton Morris plays a clip from November where O'Reilly not only agrees with a minimum wage increase, more surprisingly, he was shocked to learn that 70% of Americans make under $50,000 a year. At least he stepped foot outside his bubble, be it just for a moment. Peter Morici disagrees and says that the supply side will not support that much of a pay increase (all the way to $10.10?)

Fortunately for us, we have factual data we can reference that shows that Morici is just plain wrong. During the supply side years of Reagan and Bush 1 and 2, we can clearly see that economic growth is not greater than the growth during the Clinton years. Morici, who advocates for tax cuts to wealthy Americans, forgets to mention that this supply side nightmare also causes the deficit to double, triple or worse.

Not satisfied enough with parroting false economic theory, Morici had to dip into the "Obama won't let us drill for oil" lie, because that's as false as his economic genius.

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