Minimum wage is maximum folly. Congress enacted the first federal minimum wage in 1938. A provision of the Fair Labor Standards Act, it covered about 6 million workers and set a wage floor of 25 cents per hour. It also cost a lot people their jobs. The Labor Department reported that as many as 50,000 employees, mostly poor Southern blacks, were thrown out of ... MOREJeff Jacoby: Minimum Wage Laws Costly To Unemployed
Minimum wage is maximum folly. Congress enacted the first federal minimum wage in 1938. A provision of the Fair Labor Standards Act, it covered about 6 million workers and set a wage floor of 25 cents per hour. It also cost a lot people their jobs. The Labor Department reported that as many as 50,000 employees, mostly poor Southern blacks, were thrown out of ... MORE