Who the minimum wage actually helps
Econlib's David Henderson notes how the benefits of minimum wage doesn't actually help very many of the poor (via Greg Mankiw):
If the federal minimum wage were increased to $9.50 per hour:
- Only 11.3 percent of workers who would gain from the increase live in households officially defined as poor.
- A whopping 63.2 percent of workers who would gain were second or even third earners living in households with incomes equal to twice the poverty line or more.
- Some 42.3 percent of workers who would gain were second or even third earners who live in households that have incomes equal to three times the poverty line or more.
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