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Minimum-Wage Laws Are Costly For The Unemployed

bernard66 Wrote: Jul 12, 2012 8:24 PM
Finally Someone who can explain what these dimwitted politicians don't understand. What Mr. Jacoby states is only the tip of the iceberg. While the minimum is raised, commensurate pay raises across the board are not forthcoming. So the person making a little better wage, say $15/ hour has his purchasing power undercut when companies raise prices to pay the employees they can keep, the higher minimum wage.
bernard66 Wrote: Jul 12, 2012 8:34 PM
and by the way, in the 19th century, the US supreme court ruled Minimum wage laws unconstitutional. The contract between an employer and employee was a private matter that the government couldn't intrude upon.
BK22 Wrote: Jul 12, 2012 9:48 PM
They also said that the Federal Government shouldn't own a private company.....we can all see where that went.

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...