Minimum wage laws seem to benefit the workers immediately after the wages are raised by the mandates of law. But soon the benefit evaporates as the marginal businesses which have higher component of wage cost close down, and other businesses raise prices, eating the increased wage. The economy finds its new level, which has lesser jobs than before, and more people on Welfare as unemployed.
Minimum Wage Laws Harm The Workers The Most
Minimum Wage Laws Harm The Workers The Most
Minimum Wage Laws Harm The Workers The Most
Minimum wage laws seem to benefit the workers immediately after the wages are raised by the mandates of law. But soon the benefit evaporates as the marginal businesses which have higher component of wage cost close down, and other businesses raise prices, eating the increased wage. The economy finds its new level, which has lesser jobs than before, and more people on Welfare as unemployed.