Hoover Institution fellow John Taylor discusses monetary policy and the central bank.

Of late, the minimum wage battle in California appears to be never-ending. No sooner did California increase its minimum wage to $9 per hour in 2013 (slated to increase to $10 per hour in January 2016), did some legislators attempt to accelerate and further increase the minimum wage.

When Detroit went bankrupt in 2013, estimates of pension shortfalls multiplied overnight. The city’s regular actuarial firm had reported pension underfunding at $600 million. A special study performed by a second actuarial firm showed underfunding of $3.5 billion.