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by yummyfajitas
5558 days ago
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When a minimum wage was introduced in the UK unemployment went down, at least for a while. This is because politicians are (usually) smart enough to introduce minimum wages only during growth periods and to keep the minimum wage well below market rates. I won't speak about the UK, but in the US, less than 4.5% of the poor earned minimum wage [1]. http://www.bls.gov/cps/minwage2007.htm When the minimum wage is raised significantly higher than market rates, the results can be devastating. http://washingtonexaminer.com/node/127791 [1] I'm dividing 1.7M min wage earners / 37.3M poor people to get an upper bound. The real number is less since many min wage earners are teenagers or spouses from non-poor households. |
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