In this short animated video from Learn Liberty I explain why raising the minimum wage is a bad idea if the goal is to improve the economic fortunes of the least-advantaged workers and families.
The minimum wage yields unfair advantages to families, such as mine, with teenagers who hail from middle- and high-income households, who are well-educated, whose parents and other relatives have social and business connections, and who have their own personal means of transportation. These advantages come at the expense – cruelly so – of minority and inner-city teens, of low-skilled immigrants, and of other workers who are poorly advantaged yet who, in most cases, need employment more than do those advantaged workers who manage to find jobs at the higher, minimum wage.
(H/T: Cafe Hayek)
