Click here to listen to our previous Taxpayer Minute spot on the Minimum Wage!
MINIMUM WAGE, MAXIMUM FOLLY! Perhaps no issue has been studied more by economists than the minimum wage. The impact of artificially inflating the cost of labor by government dictate is clear: increasing the minimum wage hurts small businesses and low-skilled workers, including teenagers, cutting them off from the job market and precluding them from taking that first step on the ladder to success. Whether it’s $9 an hour, as the president wants, or $8.25 an hour, as has been proposed in the NJ Legislature, increasing the minimum wage is a tired, bad idea. Learn more:
Cato Institute: Obama’s Minimum Wage Hike: A Case of Zombie Economics
Donald Boudreaux & Walter E. Williams: How to Keep More Kids on the Streets
Veronique de Rugy, Mercatus Center: Raising the Minimum Wage: A Tired, Bad Proposal
Walter E. Williams: A Minority View: Higher Minimum Wage