|Minimum Wages? End the Lies! rev.09.07.2006||Back to Lessons|
Here's a quote just to get things started...
From the National Taxpayers Union:
"Economic study after economic study has shown that minimum wages and by extension, any increase in them do more harm than good, particularly to the very workers they aim to protect.
Not only do higher minimum wages fail to raise overall wage levels, they actually reduce overall employment by making unskilled and teenage workers more expensive to hire.
Worse, by raising the cost of labor to businesses, minimum wage hikes raise inflation, which sticks all consumers with an unnecessary and economically unhealthy tax hike.
Employers may also be left with no choice but to get rid of less skilled employees, or simply pick up and move elsewhere.
One common misperception among the general public is that workers tend to remain at the minimum wage over the long run.
According to research by William Even of Miami University of Ohio and David Macpherson of Florida State University, of the youngest and most inexperienced workers (age 16-18), 11.6 percent earn the minimum wage.
As workers age, however, this proportion shrinks dramatically 99.3 percent earn more than the minimum at ages 46-55.
The percentage of those earning the minimum wage also declines as workers achieve higher levels of education: from 6.2 percent for those who have not finished high school to just 1.5 percent for high school graduates."