Similarly, people who discuss raising the government-mandated minimum wage talk as if this would automatically mean having the lowest-paid workers’ income rise, from $10 an hour to $15 per hour, for example. In reality, for millions of inexperienced and unskilled young workers, it can mean that the wages they receive in fact fall from $10 an hour to zero, when they are unable to find jobs. Even those who have and keep their jobs can nevertheless end up with lower incomes, as a result of having fewer hours of work available in the wake of a minimum wage increase, as a National Bureau of Economic Research study showed happened in Seattle in 2016, for example.
-Professor Thomas Sowell, Ph.D (Economics, Author, Speaker, Discrimination and Disparities)
(H/T: Cafe Hayek)
