In response to:

Minimum-Wage Laws Are Costly For The Unemployed

aott Wrote: Jul 13, 2012 5:20 PM
Trouble becomes that those sandwiches are NO LONGER THAT CHEAP!! The stores can no longer keep the prices of those sandwiches that low due to having to pay their staff more, which in turn further devalues our currency and makes most things even MORE expensive. Nasty little catch-22 they've got going there...

CONGRESS ENACTED the first federal minimum wage in 1938. A provision of the Fair Labor Standards Act, it covered about 6 million workers and set a wage floor of 25 cents per hour.

It also cost a lot of people their jobs. The Labor Department reported that as many as 50,000 employees, mostly poor Southern blacks, were thrown out of work within two weeks of the law's taking effect. In the months that followed, the carnage spread. "African Americans in the tobacco industry were particularly hard hit," wrote David Bernstein in his 2001 history of labor regulations...