Krugman is an economist?

Paul Krugman does it again. He knocks the "greatest story never told" regarding the amazing US economy. In today's column he starts with the following, belittling mock conversation:

Bush supporter: ''Why doesn't President Bush get credit for a great economy? I blame liberal media bias.''
Informed economist: ''But it's not a great economy for most Americans. Many families are actually losing ground, and only a very few affluent people are doing really well.''
Bush supporter: ''Why doesn't President Bush get credit for a great economy? I blame liberal media bias.''

This is a typical problem for liberal economists to swallow. When those at the top are doing well, when companies are doing even better, the public benefits, how? Companies don't lay off people, companies HIRE more people, and companies can give raises and bonues. This is in stark contrast to what happens during a recession (and can be much worse in a prolonged recession).

Krugman is convinced that the bottom 99% are not benefiting and views inequality as rising. I agree that inequality is rising but how. Well, the rich are getting richer and the poor are getting richer (but not on the same scale as rich people). This is good. I highly doubt poor people should get raises to the level that rich people do. Does the secretary deserve a raise as big as a CEO does? No, because the CEO provides more of a benefit to more people, making them all richer. The secretary can't say the same thing.

Krugman ends with:

Can anything be done to spread the benefits of a growing economy more widely? Of
course. A good start would be to increase the minimum wage, which in real terms
is at its lowest level in half a century.

A minimum wage? Wow, an economist supporting a minimum wage. First of all, that limits economic freedom. If I want to offer my services for $3 an hour that is my perrogative. Second, it increases unemployment. Some people don't have skills that merit a company paying $7 an hour. Therefore, that company will simply not hire them ($5 is better than $0). There is evidence for this. Simply look at the America's declining unemployment rate. At the same time as this decline, the REAL minimum wage has declined as well (the nominal wage has remained steady). This translates to less wage controls = less unemployment.