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Willisms

« Trivia Tidbit of the Day: Part 629 -- Obama's Healthcare Waterloo. | WILLisms.com | Trivia Tidbit of the Day: Part 631 -- Obama Has Jumped The Shark. »

Trivia Tidbit of the Day: Part 630 -- Raising The Minimum Wage Led To Higher Unemployment Among Young People.

Minimum Wage Boost = Unemployment Boost-

After Democrats took control of Congress in 2006, they promptly voted to raise the minimum hourly wage in this country.

The fruits of their, *ahem*, "labor":

minimumwageboostedunemployment.gif
In 2007, Congress voted to increase the minimum wage, raising it in three $0.70 increments from $5.15 to $7.25 an hour. The first increase took place in July 2007, the second in July 2008, and the final increase will take effect on July 24, 2009. This final installment represents a 10 percent increase in the cost of hiring minimum wage employees.

Be prepared for another big jump in the unemployment rate.

This minimum wage increase will artificially increase costs for struggling businesses at exactly the wrong time. And as a result, it will cost 300,000 teenagers and young adults their jobs.

Change!

-------------------------------------

Previous Trivia Tidbit: Obama's Healthcare Waterloo.

Posted by Will Franklin · 24 July 2009 09:10 AM

Comments

The Dems and Obama have no respect for small businesses or it's owners. This is exactly why we need to get the Fed Govt out of our private business lives and Healthcare!

Posted by: ZsaZsa at July 24, 2009 11:21 AM

I would be surprised if there were a large jump in the unemployment rate from this latest minimum wage increase. The reason why is because employers have had quite a long time to absorb the latest increase - it's certainly not a surprise to them.

Because of that, most will already have acted to reduce their exposure to the higher costs by having already reduced the hours and benefits available to those with the lowest hourly wages. In addition, they will have already scaled back the number of jobs they have that pay these rates.

See this post for details and charts (the second and third charts are particularly relevant.)

If only the government had mandated an increase in business revenue to pay for it all!

Posted by: Ironman at July 24, 2009 12:07 PM

An excellent and timely article. Thanks.

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