Other than the demand among the status-conscious for Chanel handbags, the demand for a product or service generally decreases as its price decreases. This is an observation so trivial it is almost stupid to write down. But I guess the point is still not understood in Washington.
"The Center for American Progress, often called the think tank for the Obama White House, recentlyrecommended another increase in the minimum wage to $8.25 an hour. Though the U.S. unemployment rate is 9.1%, the thinkers assert that a rising wage would "stimulate economic growth to the tune of 50,000 new jobs." So if the government orders employers to pay more to hire workers when they're already not hiring, they'll somehow hire more workers. By this logic, if we raised the minimum wage to $25 an hour we'd have full employment."