Teen employment levels today at 4.6 million are still 2.9 million below their 2006 peak of almost 7.5 million.
This is not just an artifact of the 2008 Panic.
The Federal minimum wage was increased nearly 41% over three years beginning before the panic began, from $5.15 to $5.85 in July 2007, to $6.55 in July 2008, and to $7.25 in July 2009. It is noteworthy that teen employment suffered almost immediately with the first increase in 2007, not reachieving the 2006 peak teen employment level in July of 2007 even as full-time employment hit an all-time record high. Teen employment continued to decline each summer through 2011 before stabilizing at the new low level, averaging about 4.4 million now vs. about 5.9 million previously. Raising the minimum wage has effectively sidelined 1.5 million teenagers permanently.
Raising the minimum wage now in 45% of the country only means inexperienced people like teenagers will find it even more difficult to find that first job going forward.
This is not free-market economics. It is crony capitalism which redistributes income to low-wage-earning adults at the expense of the young.
Call it part of the liberal war on children. Hey, if you forgot to abort 'em, impoverish them!
