“U.S. youth unemployment now stands at 16 percent for 16–24 year olds, 23 percent for teens, and a shocking 40 percent for black teens. Firms that are already paying more than the federal minimum wage do so because their workers are producing more than $7.25 per hour. Moreover, if workers produce at least $12 per hour, then an increase in the minimum to $10.10 would not affect their job status—but the higher minimum wage rate could drive smaller rivals out of business or prevent new firms from entering. Hence, one should be skeptical of businesses that favor raising the minimum wage.”
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