With the best intentions in the world, lawmakers cannot raise the value of anyone’s labor to $9.80 an hour (or $7.25 an hour, or even 25 cents an hour) merely by passing a law. Making it more expensive to hire workers who are just starting out doesn’t advance beginners’ prospects; it worsens them. Decades of economic research and empirical studies confirm what common sense should tell anybody: Boost the minimum wage beyond what low-skilled workers are worth, and more low-skilled workers will be priced out of a job. That is why minimum-wage hikes are historically so devastating to those at the bottom of the economic ladder.
Minimum-wage laws are not cost-free. When legislators raise the price of low- and unskilled labor, it’s usually low- and unskilled laborers who end up paying the price. … It may not be easy to survive on $7.25 an hour. But life gets a whole lot harder when your hourly wage is nothing.
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- areyouapeople said: Please don’t make the declaration that people are priced out of the job without the correlary that the people with more money to spend actually create stimulus.
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