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Home | Wire | Why the Minimum Wage Is so Bad for Young Workers Tags Labor and Wages In today's political discourse, the minimum wage is frequently mentioned by the more progressive members of Congress. On a basic level, raising the minimum wage appears to be a sympathetic policy for low-income wage earners. Often kept out of the conversation, however, are the downstream effects of this proposal. The consensus among economists has always been that a price floor on "low-skilled labor" leads to unemployment "among the very people minimum wage legislation allegedly helps. " Surely those who retain their employment will reap the higher hourly pay but not without consequence to the rest of the "low-skilled" labor market. Government-mandated minimum wage increases directly result in a higher price floor for hourly labor. The more indirect consequences include reductions in hours worked, layoffs, automation, operational changes, and loss of opportunity. In Economics 101, students are taught about trade-offs.
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A trade-off, as defined by the Business Dictionary, is "a technique of reducing or forgoing one or more desirable outcomes in exchange for increasing or obtaining other desirable outcomes in order to maximize the total return. " We incur trade-offs every day, such as the decision to buy dinner from a restaurant for $10 or to eat our holiday leftovers. Businesses incur trade-offs as well. For example, let's consider your local grocery store. The grocer may employ ten people, including one manager and nine employees. The manager makes well over the current minimum wage, but six of the nine other employees make the current minimum wage. If the current minimum wage is increased from $7. 25 to $12. 50 per hour, the rate of increase is 72. 4 percent. While this increase may sound reasonable from the perspective of some readers, this is a large increase given the relatively low profit margins in this industry. What are the downstream effects? The employer may either reduce the hours worked for employees or lay off staff.
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In an EconTalk podcast with Russ Roberts, Jacob Vigdor shared his main findings about Seattle's minimum wage increase: "First of all, the minimum wage did appear to raise wages. … That's what we expected to see. But when we looked at employment, we actually saw a reduction. " Vigdor further mentions that hours worked decreased as wages went up. The study showed that the amount of money paid in the low-wage labor market declined overall, or in the aggregate. The results varied depending on the level of experience of the worker; those with the most work experience came out ahead. Vigdor's study shows that on average their paychecks were twenty dollars higher per week. But the biggest loss "in terms of much lower pay would be amongst the workers who hadn't even entered the labor market yet when the minimum wage started to increase, because they were finding it harder to find any work at all. " The key takeaway from Vigdor's study was the minimum wage's effect on workers who had yet to enter the labor market.