John took notice here last week of how once upon a time even the New York Times understood that mandating a minimum wage that was above what the bottom end of the labor market would bear was economically unsound and hurt the very people it was designed most to help–though that seems to be a defining feature of a lot of government policy these days. But then the Times caught a case of Krugmania and changed its mind. (Maybe this will be covered by Obamacare?)

What the heck—we may as well check in with Milton Friedman on this, who explains it with his typical lucidity and brevity in this thee minute clip from the 1970s: