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Unemployment remains high; job growth is sluggish; and millions of Americans have given up hope of ever finding work. So how do creative legislators propose to generate new hiring? Easy: Make it more expensive.
That's right. In Congress and several states, some lawmakers want to increase the legally mandated minimum wage. They think employers should have to pay more for labor. They say it should be illegal to hire people who are willing to work cheap.
This amounts to a stubborn defiance of simple reality. A recession puts strong downward pressure on wages and salaries. A slow recovery has the same effect, only...
The Minimum Wage Mirage