President Obama’s high-wage vision of the American economy could make a consumer’s typical shopping trip nearly five times more expensive. Think that’s an exaggeration? Obama promised recently that for the “remainder of his presidency” he would focus his energy on “asking our businesses to set an example by providing decent wages and salaries to their own employees.” If you think your tax bill or credit card bills are high now, writes Ira Stoll, just wait until they start including the passed-along costs of Obama’s “decent wages.”
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