August 10, 2011
Stories this photo appears in:
Minorities, like young people, can also be priced out of jobs. In the United States, the last year in which the black unemployment rate was lower than the white unemployment rate —1930 — was also the last year when there was no federal minimum wage law. Inflation in the 1940s raised the pay of even unskilled workers above the minimum wage set in 1938. Economically, it was the same as if there were no minimum wage law by the late 1940s.
It is hard to read a newspaper, or watch a television newscast, without encountering someone who has come up with a new “solution” to society’s “problems.” Sometimes it seems as if there are more solutions than there are problems. On closer scrutiny, it turns out that many of today’s problems are a result of yesterday’s solutions.