From Thomas Sowell at American Spectator:
Very few Republican candidates for any office today show any sign of such in-depth preparation on issues. Mitt Romney, for example, inadvertently showed his lack of preparation when he indicated that he was in favor of indexing the minimum wage rate, so that it would rise automatically with inflation.Yup. The media never will. They'll quote Pelosi, Harry Reid, and Obama spewing nonsense all the day long and give them credit for their intentions, but they will never connect the bad consequences with the liberal policies which create them.
That sounds fine. But the cold fact is that minimum wage laws create massive unemployment among black teenagers. Conversely, one of the lowest rates of unemployment among black teenagers occurred in the 1940s, when inflation virtually repealed the minimum wage law passed in 1938, since even unskilled labor was paid more in inflated dollars than the minimum wage law required.
Even during the recession year of 1949, black teenage unemployment was a fraction of what it would be in the most prosperous later years, after the minimum wage rate was raised repeatedly to keep pace with inflation. One of the few benefits of inflation is that it can in effect repeal minimum wage laws, which politicians can do directly only by risking their reelection.
Conservative opposition to minimum wage laws is just one of the ways that conservative principles often work out to benefit those with lower incomes, more so than liberal principles that sound so much better as political rhetoric.
One of the secrets of Barack Obama's success is his ability to say things that will sound both plausible and inspiring to uninformed people, even when they sound ridiculous to people who know the facts. Apparently he believes the former outnumber the latter, and the election results suggest that he may be right.
Since most of the media will never expose Obama's fallacies and falsehoods, it is all the more important for Republicans to do so themselves.