I could never make up my mind about the minimum wage. If I am not wrong I had written for it and mainly because the government was stubbornly against it. Sometimes I had expressed my perplexity too. Today I discovered the Oracle of Omaha is also stumped by it, but he is far clearer about it than me. I am also not old enough to have studied this for 50 years.
Therefore if we could come up with something else that we can be more confident of, that is where we should head toward. For America, Buffett already has a worthy suggestion.
So what the government ought to have done is admit they don't know. In such times, a little more humility could counter intuitively help you with more votes. Don't be cocky on something you have very little chance of getting right. You only end up with less credibility which is exactly what they are suffering now.