This articledetails of how American Samoa’s economy (a US territory) actually reacted to what is generally considered abstract economic theory. The minimum wage there in 2007 was $3.76 but legislation was passed raising it to $7.25 by July 2009. Many people (2,041 or 12%) are employed by Chicken of the Sea (CotS) canning tuna while another 2,700 are employed by [...]
A recent poll by Rasmussen Reports asked Americans “which is a better system – capitalism or socialism?” I am shocked that there isn’t a larger majority in favor of the American system. I naively believed that experiments such as Cuba and the former USSR would mitigate faith in socialism. Perhaps most shocking of all is [...]
Goldman Sachs is going to be returning its bailout money ASAP. This is no surprise given the bill that made it through the House applying punitive taxes ex post facto. The upside is that taxpayers will have a full return of their money plus interest. The downside is that we can expect an almost universal [...]
By March 3rd, Starbucks will begin offering “pairings” of a tall coffee or latte with various breakfast foods such as oatmeal, coffee cake, or an egg sandwich for $3.95. I suspect this has something to do with McDonald’s 7.1% increase in same store sales in January. Only a few months ago the CEO described Starbucks [...]
At the expense of eliminating my credibility (before I have any), I would like to go on record and say that we have hit the bottom of the market. It was very likely last week in fact. Now I don’t have any fancy math or pretty charts to distract you from prove this point, but [...]