It is not written in the stars that young black males must have astronomical rates of unemployment. It is written implicitly in the minimum wage laws.
We have gotten so used to seeing unemployment rates of 30 or 40 percent for black teenage males that it might come as a shock to many people to learn that the unemployment rate for sixteen- and seventeen-year-old black males was just under 10 percent back in 1948. Moreover, it was slightly lower than the unemployment rate for white males of the same age.
How could this be?
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Yes you make such a good living with inflation at minimum wage that letting employers lower wages so you can work for 14 hours a day and just afford food is the way to prosperity. Just look at FOXCONN.
Perhaps policy makers should consider eliminating wage, safety, and environmental arbitrage. Oh wait, Apple wouldn’t like that.
Indexing the min. wage to inflation just ensures that over time all entry level positions will be destroyed. Imagine paying your burger flipper at MCD 20 bucks an hour. That is what will happen. TJWP, this is the real world, buddy. In the real world, some people have shitty lives working shitty jobs. Over time, many of these folks move up in the world and no longer have to work at the entry level. That is how it works. You can’t just price the entry level out of the equation and think there will be no unintended consequences.
Perhaps you would care to re-read my comments. Did I say minimum wage or did I say end arbitrage? Why do you have labour laws or environmental standards in the USA if you will allow producers to simply move to another country, ignore them and then undercut your own labour market?
I agree Woodshedder.
Min. wage means no negotiation for millions, and that ultimately hurts them. That is, employers need to hear NO, rather than “well OK, I’ll take that”. Wages need to find their market level.
I think min. wage people need to get out of the mall, stop buying junk, cool it with the boots, smartphones, consumer excess, etc. It amazes me to see so many people I know have nothing, pulling our an iPhone and talking trash, fronting, posturing, etc.