The Minimum Wage Is Cruelest to Those Who Can’t Find a Job
In this article that also appeared in Forbes.com on July 22, 2013, Dorn writes a Commentary:
youth unemployment now stands at 16 percent for 16–24 year olds, 23 percent for teens, and a shocking 40 percent for black teens. More than 10 million young people are either unemployed or underemployed. Would increasing the federal minimum wage from $7.25 per hour to $10.10 over the next three years, and then indexing it for inflation, improve the job outlook and brighten the future for younger workers?
Proponents of the Fair Minimum Wage Act of 2013 argue that increasing the federal minimum would put more money into the hands of low-skilled workers, stimulate consumption, and create jobs.
However, this is far from the truth. The minimum wage is harming employment and wages.