Okay, markets are really useful in many places; but the ideological propaganda that weakening regulation on powerful economic actors will help consumers has been proven wrong time and again-- the recent subprime mortgage meltdown only being one example. Another is electricity deregulation that swept many states in the 1990s and early part of this decade. The result-- well let's let the socialist Wall Street Journal report ($$$) talking about another fine product of George W. Bush back when he was governor of Texas:

Texas had some of the cheapest power rates in the country when it zapped most of the state's electric regulations six years ago, convinced that rollicking competition would drive prices even lower.

This summer, electricity there is some of the nation's priciest..."We could end up doubling last year's power prices," says Dan Jones, who monitors the market for the Texas Public Utility Commission..

When then-Gov. George W. Bush signed the state's deregulation bill in 1999, he assured that "competition in the electric industry will benefit Texans by reducing monthly rates and offering consumers more choices."

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According to the Department of Labor:

Real average weekly earnings fell by 0.9 percent from May to June...from June 2007 to June 2008...[a]fter deflation by the CPI-W, average weekly earnings decreased by 2.4 percent.

Most workers are seeing a drop in real wages, but in that they are just joining the fate of lower-income workers who have long seen their wages dropping in the face of inflation.  For those making minimum wage, this month officially marked another increase in the federal minimum wage, up to $6.55 per hour.   Yet, adjusted for inflation, that amount is below what the minimum wage was in 1999.   And with inflation increasing, even when the minimum wage goes to $.7.25 next year, it will be lower in value adjusted for inflation than when the minimum wage was raised to $5.15 per hour in 1997. 

At least states are leading the way in trying to help minimum wage workers keep up with inflation:

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