This is correct, and the minimum wage hikes (at least at federal level) hurt beginning workers the most, with a slight time lag.pic.twitter.com/mpV6Cg6t0M
Minimum wage lag: min wage is often passed during high employment period. Minimum wage's maximum damage occurs during a recession years later, when everyone but employers has forgotten law is in effect. People don't connect dots. Damage of the "less seen." Hattip @IBD. @bastiatpic.twitter.com/G1paBCH05q
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A federal minimum wage hike also harms employment more generally, especially a first one after a long time. The latest minimum wage hike, to $7.25, did not really hurt the employment situation because it could not get any worse. But that hike arguably slowed slope of recovery.pic.twitter.com/VVhLEi42Jx
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Yes, the less seen forgotten man.
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Agreed, & the unintended consequences of one dimensional thinking regarding complex free market economics can be long lasting and devastating. We now have a growing non discretionary component of the federal budget we cannot possibly keep up with, the LBJ "richest nation" legacy
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