Over the past four weeks, we’ve had a run of undeniably good news. A panoply of data has shown that the U.S. economic system appears to be on firm ground. More people have jobs, albeit not necessarily sterling jobs, and the pace of overall activity as measured by GDP is at the highest level in two years, expanding at 4.1 percent annually. On the political front, Congress passed a budget for the first time in more than three years, which suggests a period ahead where Washington tantrums do not threaten to upend whatever delicate equilibrium currently exists.
The Edgy Optimist
After three years of sclerosis, Congress is poised to at last pass an actual budget. We’ve been so consumed with the dysfunction of the parties on Capitol Hill that this feat appears significant. In fact, it should be routine. Yet in the context of the past few years, it is anything but.
In his speech at the Center for American Progress this week, President Obama devoted considerable time to an issue suddenly much in discussion: the minimum wage. This is not a new debate. In fact, it neatly echoes the last time Congress raised the minimum wage, in 2007, which echoed the debates before that. Few economic issues are such sweet catnip to ideological camps, and there is precisely zero consensus about whether these minimums have positive, negative or no effect.