The market has already adjusted, independent of government intervention, to offer higher wages. Today, less than 1 percent of workers earn the federal minimum wage. Democrats want the federal statutory minimum wage increased because it has stood at $7.25 per hour since July 24, 2009, the longest stretch without a congressional increase since the federal minimum was established in 1938. People forget that the labor market is like any other market, governed by supply and demand. This means that if the wage an employer is willing to pay is too low, he will have fewer applicants and be unable to fill all open positions. In most of the United States, there would be a shortage of workers at $7.25 an hour, so local employers have…
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