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The Minimum Wage

This is inevitable. Just understand the tradeoffs involved in raising the minimum wage. It means higher hourly earnings for a smaller group of workers. It will also have a disproportionate¬†impact on young people. About 30% of the workers in the U.S. earning the minimum wage are teenagers. The logic is pretty straightforward: if I’m a small business owner and my wage costs are increased significantly without a corresponding increase in my revenues, I have to cut costs elsewhere in order to maintain the same level or profitability. Instead of 15 minimum wage workers, I’ll make due with 13. If you ask why that business can’t just make due with less profit, you don’t understand how things work. The vast majority of small businesses bring in less than $5 million and operate on thin margins as it is.

http://blogs.cfr.org/geographics/2013/03/07/minwage/?cid=soc-Twitter-in-economics-Obama_Minimum_Wage_Hike_Hit_Employment-030713

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Capitalism and Inequality by Jeffrey Z. Muller

This was the cover story in the most recent issue of Foreign Affairs by Professor Jeffrey Z. Muller at Catholic University in Washington. It has profound implications.

http://www.foreignaffairs.com/articles/138844/jerry-z-muller/capitalism-and-inequality

Capitalism and Inequality

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Words to Live By

Seven Dangers

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Website

For those of you coming here expecting to see a website, we’re working on it. Right now you’re stuck with this blog. Check back mid-April. We don’t have an exact date, but we’re shooting for the time of our public board meeting, which takes place at 1:00pm on Saturday, April 20th at the Southeast Neighborhood Library next to the Eastern Market metro station.

Economic Growth DC Public Meeting

Economic Growth DC is the trade name for the DC Economic Growth Action Fund, a non-profit organized under chapter 501(c)(4) of the Internal Revenue Code, more commonly known as a social welfare organization. The mission of Economic Growth DC is to catalyze an acceleration in the rate of growth of the District’s economy and ensure its permanence. Economic Growth DC is a new non-profit organization formed solely for the benefit of the citizens of the District of Columbia. All board meetings will be open to the public. Our first board meeting will be held at 1:00pm on Saturday, April 20, 2013 in the community room of the Southeast Neighborhood Library at 403 7th Street SE. Please join us. As this is our first board meeting, we will be organizing the board or directors and adopting our bylaws. There will be a short presentation on the nature and purpose of the organization and and opportunity for the community and interested parties to ask questions. If you have any questions prior to the meeting, you can reach our executive director, Dave Oberting at dave.oberting@economicgrowthdc.org or 202.670.4403.