ECON 101: Minimum Wage

This is with thanks to HotAir:

The Center for Freedom and Prosperity offers another entry in its Econ 101 series, this time about the minimum wage and the destructive consequences of government intervention in the job market. When Democrats insisted on passing the latest series of minimum-wage increases from $5.15 to $7.25, they claimed to have the interests of the poor and young in mind. However, the action destroyed those jobs normally accessible to those populations, even before the current recession began eliminating them. When the minimum wage remained below the floor of the market for entry-level positions, it did no direct harm, but the intervention by Congress in 2005 wound up hurting the low-skilled workers they claimed to champion:

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