If the federal minimum wage had kept pace with changes in worker productivity, busboys and baristas would be making at least $21.72 an hour today, according to a study by the Center for Economic and Policy Research.
“We all misjudged the risks involved,” former Federal Reserve Chairman Alan Greenspan said in March 2010 of the housing bubble that led to the financial crisis. He forgot about economist Dean Baker.
As President Obama promises to bargain away changes to spending and social programs in exchange for income tax increases in the top two brackets, leading economist Dean Baker criticizes the so-called fiscal cliff threat as a myth.