Chart of the Week
I maintain that a minimum wage is a severe penalty on entry level workers with no experience, typically a teen-ager, trying to enter the labor force. Opportunity can be priced out of the market for those who do not have the skill to produce enough to match a minimum wage. I cannot think of any program that can cause more unemployment and heartbreak that a higher minimum wage.
Chart is discussed in video after the Read more >> jump.
To gain those skills needed to be productive the newbie needs to work; he is not given that opportunity if there is a minimum wage higher than what he can produce. In light of this quandary, it is worthwhile to see how the minimum wage required by law has varied over the last half-century, which is seen in this week’s chart.