Remember the past battles over minimum wage increases? The most recent was two years ago when Congress passed a three-part pay hike. The final installment went into effect last Friday, raising the minimum wage to $7.25.
It makes some sense on the surface. It makes none in reality. We’ll let Heritage Foundation expert James Sherk explain. Read his entire column here.
Unemployment will not fall until businesses resume investing in new enterprises. Ask yourself: Will raising the minimum wage encourage or discourage such investing? Will it encourage or discourage entrepreneurs from starting new small businesses? Raising the minimum wage now will help keep unemployment among unskilled workers high.