You can’t blame this on Bush. It was the compassionate democrats who insisted on increasing the minimum wage. Their benevolent actions mean millions of American teenagers and single mom’s can expect a minimum wage of zero. You can thank Congress.
Here’s some economic logic to ponder. The unemployment rate in June for American teenagers was 24%, for black teens it was 38%, and even White House economists are predicting more job losses. So how about raising the cost of that teenage labor?
Sorry to say, but that’s precisely what will happen on July 24, when the minimum wage will increase to $7.25 an hour from $6.55. The national wage floor will have increased 41% since the three-step hike was approved by the Democratic Congress in May 2007. Then the economy was humming, with an overall jobless rate of 4.5% and many entry-level jobs paying more than the minimum. That’s a hard case to make now, with a 9.5% national jobless rate and thousands of employers facing razor-thin profit margins. [...]
Proponents argue that millions of workers will benefit from the bigger paychecks. But about two of every three full-time minimum-wage workers get a pay raise anyway within a year on the job. Meanwhile, those who lose their jobs or who never get a job in the first place get a minimum wage of $0.
Mr. Neumark calculates that the 70-cent per-hour minimum wage hike this month would kill “about 300,000 jobs for those between the ages of 16-24.” Single working mothers would also be among those most hurt.
Heckofajob Pelosi! How many more jobs can you and your minions kill before you’re voted out of power next year?
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