Today on Uncommon Knowledge, Hoover fellow Thomas Sowell makes the argument that the minimum wage laws should be abolished.
“The minimum wage laws were one huge factor. Nineteen thirty was also the last year when there was no federal minimum wage law. If you look at your unemployment rate of black teenagers in 1948, 1949, it is a fraction of what it has been in any recent decade. And 1949 was a recession year so the black teenage unemployment rate in 1949 was a fraction of what it was in even the most prosperous years of the 1990s.”