Interest Rate

Buddy, can you spare a rate hike?

Buddy, can you spare a rate hike?

Funny how what counts as a good idea depends on who stands to benefit.

In two important economic debates, supposedly no-nonsense analysts handle strikingly similar notions quite differently. They ignore or ridicule arguments offered in support of raising the federal minimum wage, and treat the same arguments with the utmost respect when deployed to demand that the Federal Reserve raise interest rates — in effect, that it raise the minimum wage for affluent investors.

For example, whenever the Fed announces that it will leave interest rates unchanged — as it did Thursday — the no-nonsense crowd complains that they are “unnaturally” low. They...