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What of the unemployment provoked by legally forcing the price of labor higher? Think about it: WHen the price of something goes up, do you buy more or less
by PredictorX1 3y ago
What of the unemployment provoked by legally forcing the price of labor higher? Think about it: WHen the price of something goes up, do you buy more or less
of it? One might as well call the minimum wage the "ceiling employment".
- Shish2k 3y agoWhy use our imaginations to “think about it”, when we can look at the data and see what actually happens in reality? The minimum wage has jumped up several times in the past due to government updates, and it has gradually shrunk over time due to inflation, and neither of those things has been particularly correlated with employment rates
- PredictorX1 3y agoAccording to the BLS, workers earning the federal minimum wage or less represented only 1.4 percent of all hourly paid workers in 2021. Taking into account all workers (not just those who are hourly paid), this small fraction would shrink even further, so I wouldn't expect them to have much affect on the overall unemployment rate.