From its inception in 1938, the minimum wage was never intended as an antipoverty tool. Today, the minimum wage assists very few people in need and increasing it would simply increase the cliff facing the poor and unemployed. Evidence indicates that increasing the minimum wage actually increases poverty and income inequality by taking wages from the jobless, who need income the most, and handing them to high-income families who need help the least.
Mark Perry has some data on American manufacturing. (Note also the valuable information supplied in the comments section, to Mark’s post, by regular Cafe patrons John Dewey and Jon Murphy.)
More media bias – this time by 60 Minutes carrying the N.S.A.’s water. (HT George White)