Number 148.00: | Why So Many Unemployed Teenagers This Summer? | 06/30/2008 |
Why So Many Unemployed Teenagers This Summer?
The Institute for Policy Innovation’s Dr. Merrill Matthews says blame congressional price controls.
Remember when Democrats pushed through an increase in the minimum wage last year, amid much gloating and self-congratulations?
They gave a 14 percent increase last July, and a 12 percent increase—to $6.55 an hour—this July. And another 10.7 percent is coming next year.
Add in payroll taxes and unskilled workers will cost employers about 40 percent more over three years, according to Investor’s Business Daily.
Well, a funny thing happened when teenagers went to look for jobs this summer: there weren’t many. Indeed, we’re looking at the highest teen unemployment in 60 years.
Some people blame it on the slowing economy.
But when Congress increases the price of unskilled labor by 40 percent, that’s where the blame really belongs.
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