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IBD: The Coming Minimum-Wage Tsunami Will Wash Away Millions Of Minority Jobs

Monday, February 20, 2017 21:01
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(From IBD)

The study by the American Action Forum, a nonpartisan think tank led by former Congressional Budget Office Director Douglas Holtz-Eakin, looked at minimum-wage hikes scheduled to take effect in the coming years in 14 states and the nation’s capital and found they will “cost millions of jobs across the country and each lost job only leads to total wage earnings rising by a few thousand dollars.”

The reason is simple: When you raise the minimum wage of low-skilled, low-productivity labor — a group that disproportionately includes young minority males — you inevitably destroy jobs. No business will hire someone and pay him more than he’s worth.

So all those states might think they’re helping the downtrodden and the poor, and striking a blow for equality by mandating higher wages, but they’re doing just the opposite: Pricing many young people out of entry-level jobs.

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Source: http://www.againstcronycapitalism.org/2017/02/ibd-the-coming-minimum-wage-tsunami-will-wash-away-millions-of-minority-jobs/

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