In response to:

First Jobs

ajwagner421 Wrote: Jul 19, 2012 8:57 AM
Something I find interesting, John Stossel was born in 1947. So say he started working when he was 18, so 1965. Minimum wage was $1.25 (nominal). Adjusted for inflation that would be $7.52 (2009$). So 25 cents an hour more than we have now. But now in 2012 we don't have first jobs anymore because of the minimum wage which, when adjusted for inflation, is almost exactly the same as when he most likely found his first job.
mtorbert Wrote: Aug 22, 2012 2:18 AM
That isn't how it works. You can't just apply a blanket inflation to every individual value. For instance, comic books cost $.10 in 1965, they cost $5.00 now, not $.80.
Also, the mid-60s saw the highest real value of the minimum wage during its history. You can say it's lower now than it should be, but history says it was actually higher then than it should have been.
c136 Wrote: Jul 19, 2012 12:30 PM
That's because the cost to the employer is much higher now. Back in 1965 the primary cost to the employer was the wage paid to the employee. Now the government cost is the biggest component (taxes,regulations,litigation,etc).
ajwagner421 Wrote: Jul 19, 2012 1:15 PM
So then the minimum wage isn't the issue here. Why talk about it? If things like payroll taxes are the issue then talk about them. They've steadily increased since their creation and since 1990 have stayed constant. In 2011, there was a small decrease. In this time, we've seen both economic booms and recessions. Both high and low unemployment. In the end, is any of this really the main issue for the current recession? No, it's just the nature of the business cycle.

On a side note, on the second page he discusses how there were plenty of first jobs to be found but people weren't applying. So obviously the minimum wage, payroll taxes, and paid interns aren't preventing businesses from creating jobs.
c136 Wrote: Jul 19, 2012 2:02 PM
Anytime the government adds a burden to a business, it raises the unemployment rate. I don't know which burdens are the worst but they all contribute.
What was your first job?

I stuck pieces of plastic and metal together at an Evanston, Ill., assembly line. We produced photocopiers for a company called American Photocopy.

I hated the work. It was hot and boring. But it was useful. It taught me to get good grades in school so I might have other choices.

Four years later, good grades got me a job as a researcher at a TV station.

To my surprise, that became a career. I never planned to be a TV reporter. I hadn't even watched TV news. I never took a journalism course.

But by...