Thomas Sowell on the minimum wage and black employment (from his recent column)

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(From Investor’s Business Daily)

Back in 1948, when inflation had rendered meaningless the minimum wage established a decade earlier, the unemployment rate among 16- to 17-year-old black males was under 10%. But after the minimum wage was raised repeatedly to keep up with inflation, the unemployment rate for black males that age was never under 30% for more than 20 consecutive years, from 1971 through 1994. In many of those years, the unemployment rate for black youngsters that age exceeded 40% and, for a couple of years, it exceeded 50%.

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