Who (actually) earns minimum wage?
Bottom Line: Florida’s six proposed constitutional amendments which will be decided on November 3rd will take a backseat to the outcome of the Presidential election for the obvious reasons. Arguably the longest lasting impact on many Floridians will be the effect of proposed amendments should they pass. Polling this week has suggested Florida’s proposed minimum wage could be in a position to pass. I will cover this proposed amendment along with the other five as part of the Florida Amendment Series in October, but first I thought it’d be a good time for a refresher on who actually earns minimum wage.
- Using data from the Bureau of Labor Statistics 0.6% of Americans earn minimum wage
I didn’t make a mistake. 0.6% of Americans earn minimum wage. The average American currently earns $29.47 an hour. That’s far higher than any minimum wage anywhere. Why? Because when American free enterprise is allowed to do what it does best, the competition for talent drives wages higher naturally. What’s more is that 99% of those who earn minimum wage are under the age of 25. All of this tells you two things. First, those who earn minimum wage aren’t people attempting to raise a family – as is often advanced with the “living wage” crowd. Second, it’s obvious that the government ordering businesses to pay more isn’t needed and isn’t helpful. Ironically, as I’ve also illustrated in times previous, those most hurt by artificial government mandates are those who’re the youngest and least skilled. The more you know...