We Told You So (The Minimum Wage Increase)

Many of us warned that Bush's decision to sign the minimum wage increase would destroy job opportunities for youth. According to a story from the Examiner:

This year, it's harder than ever for teens to find a summer job. Researchers at Northeastern University described summer 2007 as"the worst in post-World War II history" for teen summer employment, and those same researchers say that 2008 is poised to be"even worse."

According to their data, only about one-third of Americans 16 to 19 years old will have a job this summer, and vulnerable low-income and minority teens are going to fare even worse.

The percentage of teens classified as"unemployed"—those who are actively seeking a job but can't get one—is more than three times higher than the national unemployment rate, according to the most recent Department of Labor statistics.

One of the prime reasons for this drastic employment drought is the mandated wage hikes that policymakers have forced down the throats of local businesses. Economic research has shown time and again that increasing the minimum wage destroys jobs for low-skilled workers while doing little to address poverty.

Hat tip Nick Gillespie