Aug 9, 2015

Thomas Sowell Meme DESTROYS The Liberal Narrative About Income Inequality


By on Sunday, August 09, 2015

From Dr. Thomas Sowell at National Review:
Many, if not most, people who are zealous advocates of minimum-wage laws, for example, never check to see if these laws do more good by raising some workers’ wages than harm by preventing many young and inexperienced workers from finding jobs.

One of my own pieces of good fortune, when I left home at age 17, was that the unemployment rate for black 17-year-old males was in single digits that year — for the last time. The minimum-wage law was ten years old, and the wage specified in that law was now so low that it was irrelevant, after years of inflation. It was the same as if there were no minimum-wage law.
Liberals, of course, wanted the minimum wage raised, to keep up with inflation. The result was that, ten years later, the unemployment rate for black 17-year-old males was 27.5 percent — and it has never been less than 20 percent in all the years since then.

As the minimum wage kept getting raised, so did the unemployment rate for black 17-year-old males. In 1971 it was 33.4 percent — and it has never been under 30 percent since then. It has often been over 40 percent and, occasionally, over 50 percent.
But people who advocate minimum-wage laws seldom show any interest in the actual consequences of such laws, which include many idle young males on the streets, which does no good for them or for their communities.

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