Minimum wages cause unemployment...always have...always will. If you look at teens aged 16-19, the very group minimum wage is supposed to help, that group has an unemployment rate of 17.7%, three times the overall rate, and it has ALWAYS been the case. If minimum wage is such a great idea, why not raise it to $50/hr? Because, at $50/hr, every worker whose skills did not merit $50/hr would be unemployed, just as teens with few or no skills are unemployed at $7.25/hr. (BLS - Employment Summary) bls.gov/news.release/empsit.a.htm I would add, in 2013 (BLS stats for 2014 are not out yet) only 2.2% of the US work force made minimum wage or less. Furthermore, only .008% (8/10 of 1%) of the US work force making minimum wage or less was working full time. The assertion raising minimum wage will somehow benefit the economy is refuted by the simple math. (BLS - Minimum Wage Characteristics) bls.gov/cps/cpsaat44.pdf Finally, I would point out that the LOWEST average hourly wage in this country for any sector is $14.10/hr, almost double the minimum wage. That is the Leisure & Hospitality sector that includes food service. This fact shows it is the market determining wages, NOT govt policy. (BLS - Average Hourly Wage) bls.gov/news.release/empsit.t19.htm
Posted on: Sat, 03 Jan 2015 03:23:33 +0000