Wednesday, April 30, 2008

Cut minimum wages to help low wage earners.

A very seductive article by Adam Schaeffer on the Sunday Providence Journal's Commentary page, "Minimum wage hikes depress job growth".

Among his conclusions based on his data analysis are:

1. These [hikes] hurt those most in need of work,
2. Mandated wage hikes produce corresponding reduction in employment for black young adults and teens.
3. Lower employment rates.

The logic and supporting statistics are persuasive. However, there's this from from ""

Contrary to the stereotype of the minimum wage worker as a teenager with nothing to purchase but junk food and movie tickets, the typical minimum wage worker is an adult providing more than half of his or her family’s total earnings. According to the Economic Policy Institute, nearly half of families with a worker who would benefit from a minimum wage increase rely on that worker’s pay as the family’s only source of earnings.

I have to wonder if the Mr. Schaeffer believes that lowering the minimum wage would be good for low income workers and those most in need of work.

How about lowering it to less than $5.15, $5.00, $4.50? Good times ahead for the low wage worker. Right.