So What Has The Increased Minimum-Wage Wrought?

New evidence that the demand curve for normal goods does indeed slope downward. This is immutable. It can not be legislated or wished away, any more than we can legislate the force of gravity or the speed of light. (pic via Wiki)

Young and Jobless – “New evidence that the minimum wage has hurt teenage workers. … Today marks the first anniversary of Congress’s decision to raise the federal minimum wage by 41% to $7.25 an hour. But hold the confetti. According to a new study, more than 100,000 fewer teens are employed today due to the wage hikes. Economic slowdowns are tough on many job-seekers, but they’re especially hard on the young and inexperienced, whose job prospects have suffered tremendously from Washington’s ill-advised attempts to put a floor under wages. In a new paper published by the Employment Policies Institute, labor economists William Even of Miami University in Ohio and David Macpherson of Trinity University in Texas find a significant drop in teen employment as a direct result of the minimum wage hikes.”