Teens _-_Victims of Minimum Wage? This was a post from a couple of weeks ago and the issue of minimum wage was obviously a sore point with a lot of people. So, when I came across some additional eye-opening information I decided to share it with you.
In his American Thinker post yesterday, Randall Hoven talked in part about the minimum wage debacle. Here is what he has to say about the results of our “well intended” liberal Democrats:
One of the first things Democrats did after taking back Congress in 2007 was raise the federal minimum wage 41% from 2007 to 2009. Result? The unemployment ratewent from 4.4% in May 2007 to 10.1% in 2009. It is 9.2% even today — four years later.
As for teens, the unemployment rate went from 14.9% to 27.1%, the highest ever recorded, meaning since 1948. Today it is still a high 24.5%. And for blacks: from a low of 7.9% in 2007 to 16.5% in 2010. It is still a high 16.2%.
Not content to just screw things up here at home, our Democrat Congress, at the same time, decided to apply the same minimum wages to American Samoa, where the economy is based on low-cost tuna canning and textile work. Let’s see how that worked out:
… employment fell 19 percent from 2008 to 2009 … tuna canning employment fell 55 percent from 2009 to 2010… Average inflation-adjusted earnings fell by 5 percent from 2008 to 2009 and by 11 percent from 2006 to 2009.
WAY TO GO, DEMOCRATS! To be fair, the cause and effect relationship isn’t perfect. There was after all the Great Recession. However, Mr. Hoven points out that “… the effects for the most vulnerable group: males aged 16-24 without high school diploma. EPI’s answer: the minimum wage increase killed over 100,000 jobs (31% of the lost jobs) for that demographic.”
Now, for your viewing enjoyment, I came across this video at the great blog site Truth In Exile. I think you will agree that it sums-up perfectly the folly of our minimum wage laws:
Well, that’s what I’m thinking. What are your thoughts?