This morning's Wall Street Journal has an editorial piece on the recent minimum wage hikes and their effect on the rising teenage (and especially teens of color) unemployment rate. This is a trend I noted almost two years ago that has continued unabated. Rather than an excerpt, I'll just reprint their graph:
Has youth and black youth unemployment taken a proportionally worse hit than overall unemployment. Sure looks that way. Eyeballing it puts the overall youth rate up about 12 percentage points and the black youth rate up about 16 since 2007. The overall rate was 4.6% in January 2007 compared to 9.7% today, or a jump of 5.1 percentage points. Clearly this is not just rising unemployment across the board, but something distinctly affecting teenagers and black teenagers in particular. Like say the minimum wage increase.
Ending minimum wage laws is one of four planks in Horwitz's Urban Renewal Program:
1. End minimum wage laws
2. Legalize drugs
3. End occupational licensure laws
4. School choice/competition
The WSJ piece is behind their new and very annoying subscriber gate. However, you can circumvent the gate by going to Google News and searching "The Lost Wages of Youth." That link will take you there. And that strategy works for all of their gated material.