Tuesday, January 20, 2009

The Minimum Wage Law destroyed 1 mil teen jobs

Politicians with good intentions and labor unions with ulterior motives combined to push up the min wage and push 1 million teens and low skill workers out of a job. Gee, thanks.

Link

And that's when the Economic Detective was startled by a final gruesome discovery. Having focused so much on the mysterious disappearance of jobs for teens in an otherwise good year for the U.S. economy, he hadn't looked beyond those numbers except in passing, but here they were now staring him right in the face. Looking at the estimated data again for 2006, there should be around 2,681,439 individuals earning an hourly wage of $5.85 or less. But in 2007, there were just 1,729,000 individuals counted as doing so.

That would put the Public Policy Gang's total job kill for their first minimum wage hiking spree in 2007 at least at 952,439, almost within spitting distance of 1 million jobs. That becomes well within spitting distance if you factor in population growth. No wonder the Paymaster was so concerned.

But for teens, the mystery had been solved. Now there was only one thing left to do in that case, so the Economic Detective did it. He closed the file.