This is what governs min wage economics. Pretending otherwise is a waste of time.
Under-24 employment rates plummeting for decades. Senior citizen employment rates rising. What's the difference? One demographic is taxed/regulated out of the economy, and the other group is subsidized into the economy.
Robert Reich is irrelevant. He resigned as labor secretary right before full employment raised household income. If you want higher wages, you want full employment, not price floors
Ah, I remember that graph in high school econ. Good times.
I agree with you this time, AD, though I think a reasonable minimum wage around the equilibrium for low-skilled workers is good. $10.10 is a tad high but probably feasible; $15 is just ridiculous for the whole nation. Maybe in Seattle it will work, but I don't see that happening in Mississippi or other low-wage areas.
