At Least It Sounds Like a Good Idea
Perhaps no other so-called economic reform has been studied more than the impact of the minimum wage on poor-to-low income, unskilled, undereducated, unemployed Americans. The preponderance of these studies has shown time and again that raising the minimum wage does not live up to its promises. It doesn't create employment for those it is supposed to help; it reduces employment. It doesn't help the most vulnerable Americans, especially poor minorities; it worsens their plight.
Empirical evidence shows that for every 10% increase in the minimum wage:
-- Unemployment among minorities rose 3.9%.
-- Joblessness among Hispanics jumped 4.9%.
-- Teenage minority unemployment increased 6.6%.
-- Unemployment among African-American teens climbed 8.4%.
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