Bob Murphy makes a good point while responding to Elizabeth Warren’s discussion of a $22 minimum wage:
We’re not talking about a “modest” change that Krugman et al. hide behind when we free-marketeers go nuts on this stuff. (Even here, I’m still waiting for someone to show me why going from $7.25 to $9/hour–which is a 24 percent increase–is “modest.” If the government cut the deficit by 24 percent in a year, I doubt Krugman would dismiss it as “modest.”)
…or cut government spending by 24%, lowered tax rates by 24% or increased tax rates on the poor by 24%.