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As the minimum wage has risen, the gap between the overall unemployment rate and the teen rate has widened, as it did again last month. (See nearby chart.) The current Congress has spent billions of dollars—including $1.5 billion in the stimulus bill—on summer youth employment programs and job training. Yet the jobless numbers suggest that the minimum wage destroyed far more jobs than the government programs helped to create.
Congress and the Obama Administration simply ignore the economic consensus that has long linked higher minimum wages with higher unemployment. Two years ago Mr. Neumark and William Wascher, a Federal Reserve economist, reviewed more than 100 academic studies on the impact of the minimum wage. They found "overwhelming" evidence that the least skilled and the young suffer a loss of employment when the minimum wage is increased. Whatever happened to President Obama's pledge to follow the science? Democrats prefer to cite a few outlier studies known to be methodologically flawed.
According to new numbers from the Labor Department, in 2008 only 1.1% of Americans who work 40 hours a week or more even earned the minimum wage. In other words, 98.9% of 40-hour-a-week workers earn more than the minimum.
Study after study reveals that there are long-term career benefits to working as a teenager and that these benefits go well beyond the pay that these youths receive. A study by researchers at Stanford found that those who do not work as teenagers have lower long-term wages and employability even after 10 years. A high-wage society can only come by making workers more productive, and by destroying starter jobs the minimum wage may reduce long-term earnings
The September teen unemployment rate hit 25.9%, the highest rate since World War II and up from 23.8% in July. Some 330,000 teen jobs have vanished in two months. Hardest hit of all: black male teens, whose unemployment rate shot up to a catastrophic 50.4%. It was merely a terrible 39.2% in July.
Originally posted by Ahabstar
reply to post by Miraj
And if minimum wage were to become $10 million/hour the same would be true because of the price adjustment to everything to compensate for the $10 million/hour pay rate.
It is the problem of an established minimum wage and the lack of value of an actual dollar. Since a dollar is worth exactly a dollar's worth of labor the problem stems from $1 to a minimum wage earner is roughly 8 minutes (at $7.50/hr) and 24 seconds to say a $150/hr lawyer. Figure out a way to make that $1 to become more equitable to the janitor and the lawyer and the problems with the economy can be solved from there.
MAke um work for free or for food I say!
Originally posted by Scooby Doo
MAke um work for free or for food I say!
Way to take us back to the years of slavery ...
I think the minimum wage has gone from bad to worse. Matter of fact, unless educted in Havard, I would like to see at least one of us happy with today's average pay. - Not Likely!
Originally posted by Mr Headshot
reply to post by mental modulator
are you retarded or am I reading you wrong? Do you mean get a second job or get a higher paying job? Because the latter isn't very easy to do usually. Say you have someone in my situation, pretty fresh out of high school with no real job experience and in the middle of college. I have to support myself, and pay for my college so getting a second job isn't a very welcoming prospect because I already work double time with school. Getting a higher paying job isn't really possible right now, in this town and in this time to get a job at my age you NEED to know people, and I don't know many people. I've been hopping retail and waitstaffing jobs for a while and the jobs really just don't get better.
So saying "go get another job" doesn't really work for a lot of people. Especially not now.
This is why kids have babies and get married, paid for school yo.
Originally posted by sadchild01
understandable why americans teens can't get jobs ... they are lazy,undereducated,anti-intellectual, stupid,promiscous,gangstas and retarded . the chinese,russians and indians are more intelligent ,intellectual and educated
when NWO calls them useless eaters it is right they are useless eaters ...
these people will purge themselves from the gene pool when usa collapses and they will get darwin award
[edit on 12-10-2009 by sadchild01]
Originally posted by Miraj
reply to post by plumranch
Well, minimum wage is actually pretty low in my opinion. A person working 40 hour weeks on minimum wage cannot support them self.
I would like to see at least one of us happy with today's average pay
Originally posted by Wimbly
Minimum wage isn't meant to be a wage you live on. The whole point is to work your way up the ladder. If everyone made great money doing menial teaks, than what would be the point?
i'm fast becoming convinced that most americans are nothing but lazy, exploitative, money grubbing scumbags.
Originally posted by mental modulator
You can always learn to hunt also, Kittons, mise or small unattended childrens even.