Tuesday, September 17, 2013
Minimum Wage Madness...
Thomas Sowell:
Minimum Wage Madness
Political crusades for raising the minimum
wage are back again. Advocates of minimum wage laws often give
themselves credit for being more "compassionate" towards "the poor." But
they seldom bother to check what are the actual consequences of such
laws.
Minimum Wage Madness: Part II
A survey of American economists found that 90
percent of them regarded minimum wage laws as increasing the rate of
unemployment among low-skilled workers. Inexperience is often the
problem. Only about 2 percent of Americans over the age of 24 earned the
minimum wage.
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