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Published on Jan 31, 2012
(Sources at the bottom)
Some additional notes: In order to keep the video short I simplified some things. Firstly, the minimum wage should probably be indexed to unemployment so it does not have harmful effects during recessions. Secondly, I am aware of the many other anti minimum wage law argument that exist. This video is meant to address the most common one often used by libertarians. Thirdly, I am aware that there are more recent studies on the min. wage that show negative affects. I think there are large methodological flaws with them, but I had to draw a cut off point somewhere and a full review of the empirical data would take eons.
" Data from the Department of Labor show that most minimum wage-earners are young, part-time workers and that relatively few live below the poverty line. Their average family income is over $50,000 a year. A minimum wage hike, then, is a raise for suburban teenagers, not the working poor." http://www.heritage.org/research/repo...