Wednesday, December 31, 2008

Florida's upcoming increase of the minimum wage could raise unemployment

Effective January 1st, 2009 Florida is raising the Minimum wage to $7.19/hour. Economists frequently make the argument that as the cost of labor increases, the demand for labor goes down. Consequently, at the margin, this increase in minimum wage could help drive the rate of unemployment higher.

WCTV has the story here.

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