The Young and the Jobless
From The Coordination Problem blog: Steven Horwitz discussing the minimum wage and Unemployment.
"Has youth and black unemployment taken a proportionally worse hit than overall unemployment? Sure looks that way. Eyeballing it puts the overall youth rate up about 12 percentage points and the black youth rate up about 16 since 2007."Ending minimum wage laws is one of four planks in Horwitz's Urban renewal Program:
1. End minimum wage laws
2. Legalize drugs
3. End occupational licensure laws
4. School choice/competition
We've talked about the effect the minimum wage laws has on young and elderly workers here before. It really is a stupid idea. I mean if $7.25 and hour is good, wouldn't $10 or $20 even be more awesome? Retards.