The minimum wage is a focal point for Democrats in this fall’s election – a populist issue that they can trumpet for political gain. Barack Obama harped on it again in his weekend address, saying, “[I]n order to make a difference for every American, Congress needs to do something. And America knows it. Right now, there’s a bill that would boost America’s minimum wage to 10 dollars and 10 cents an hour. That would lift wages for nearly 28 million Americans across the country. 28 million.” He neglected to mention, of course, that raising the minimum wage by an incredible 40% would eliminate as many as one million jobs, and reduce hours for millions more. Despite what he may think, money doesn’t grow on trees, and if labor costs more, employers purchase less of it.