The minimum wage is part of the problem for the youth. When an employer has to hire an unskilled employee and pay them the minimum wage it becomes cost prohibitive. Many of these teens would love to make $5.00 an hour. At least the ones who want to start to be a little independent.
Milton Freidman debunked the minimum wage in the 70’s and warned of the consequences. We are now living consequences he fore warned.
Yep. The more the wages go up, the more the cost of living goes up.
Everything else goes up with it, so why bother? (Someone has to pay for it.)
I agree, as do most economists. Price floors above the natural clearing rate create surpluses (more workers available than will be purchased or hired).