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The problem with the minimum wage




This is the best illustration I have ever seen of the fundamental problem with government setting a "minimum wage." As Mark Perry notes in a fascinating post on the subject, only about 2% of the 135 million people with jobs today earn the minimum wage or less. If the minimum wage is set too high, then younger and inexperienced workers never get a chance to work, because employers can't afford to hire someone that is expensive but has no experience or talents or a track record of success.

UPDATE: Keith Hennessy adds some meat to this argument.

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