Help teens by cutting their wages
A University of Chicago study recently concluded that the last wage hike “resulted in the loss of 800,000 jobs, mostly by low-skilled and young workers,” said Phil Kerpen and Nicole Kaeding at NationalReview.com.
Phil Kerpen and Nicole Kaeding
The best way to tackle “stubbornly high” unemployment among U.S. teenagers is to pay them less than the minimum wage, said Phil Kerpen and Nicole Kaeding. The weak economy is partly to blame for their 25 percent jobless rate, but young people have also been priced out of the market because they weren’t exempted from the last minimum-wage increase, in 2009.
A University of Chicago study recently concluded that the last wage hike “resulted in the loss of 800,000 jobs, mostly by low-skilled and young workers.” The Organization for Economic Cooperation and Development suggested last year that there would be less teen unemployment if employers were allowed to pay a “training wage,” something half the OECD countries with minimum wages already have.
There’s nothing exploitative about this. Many jobless young people are just “trying to enter the first rung on the employment ladder, get out of the house, and earn some spending money.” Let’s pay them $5.15 an hour so they can “gain work experience and move up the wage ladder from there.”