Former Reagan Economic Advisor On Federal Minimum Wage: Just Black Teenage Unemployment Act
Former Ronald Reagan economic advisor, Art Laffer, suggested to get rid of the federal minimum wage. Laffer argues that a federal minimum wage would cause more unemployment and make teenagers less productive in society. He said the minimum wage is just the Black Teenage Unemployment Act.
Laffer said, “The minimum wage makes no sense whatsoever to me. I mean honestly, it’s just the Black Teenage Unemployment Teenage Act.” He argues, “These are the very groups we need to have jobs, not be put out of work because of a minimum wage.” He added, “So I’m very much in favor of, at least for teenagers, getting rid of the minimum wage so we can to bring them back into the labor force, get them the skills that they need to continue being productive members of our society for years and years.”
Laffer argues instead of having a federal minimum wage, there should be individual minimum wage for every state. He explains that the same minimum wage of fifteen dollars in New Mexico would be very different in the middle of New York City. Laffer said the state should set a minimum wage according to the state’s politics in order to encourage hiring.
(Video via Fox News)