Which just goes to show that the Nobel Prize doesn’t necessarily reward intelligence.

NEW YORK (AP) More than 650 economists five of them Nobel Prize winners are calling for an increase in the minimum wage.

Among the Prize winners are Kenneth Arrow of Stanford University, Lawrence Klein of the University of Pennsylvania and Clive Granger of the University of California, San Diego. They claim the value of the last increase, in 1997, has been “fully eroded.”

Federal minimum wage is now five dollars, 15 cents an hour, but 22 states and the District of Columbia have set their minimum wages above that.

Raising the minimum wage is bad for our economy, not good for it.  Doing it is the best way to ensure that a) smaller businesses higher fewer employees and b) larger companies move their businesses to other countries.