What do minimum-wage laws, child-labor laws, and overtime-pay laws have in common other than that they originated in the Fair Labor Standards Act (FLSA) of 1938?
In today's political discourse, the minimum wage is frequently mentioned by the more progressive members of Congress.
Suppose they made the minimum wage $1,000 an hour. Just think: Every worker in America would be taking home at least $8,000 a day. That would be an annual salary of over $2 million.
Progressive economists and intellectuals saw these job losses as a eugenic service to the larger population.
Employment is at its highest rate in fifty years, and less than 3% of hourly paid workers receive the minimum wage, yet it has become a major talking point of many running for president.