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By A Smith (anonymous) | Posted April 29, 2011 at 14:45:02 in reply to Comment 62840
>> Less taxes on the "job creators" and they'll create more jobs!
Since the middle of of 2007, the U.S. federal minimum wage has increased three times, a total of 40.77%. In contrast, the minimum wage only jumped 21.17% from 1992-2000.
In May 2007, just prior to the first hike, unemployment was 4.6%. Six months later, unemployment was up to 5%. Six months after that, it was up to 5.5%. Six months after that, the jobless number was 7.4%. Six months after that, it was up to 9.5%. But that wasn't enough for the politicians, so the minimum wage went up once more and in six months time, unemployment hit 10%.
Does it take a genius to realize that increasing the price of labour 40% in 2.5 years would not be good for job creation?
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