"The minimum wage is the black teenage unemployment act. It is the guaranteed way of holding the poor, the minorities and the disenfranchised out of the mainstream is if you price their original services too high"
- Arthur Laffer
About this Quote
In this quote, Arthur Laffer is expressing his belief that the minimum wage is actually hindering the job opportunity for black teens. He argues that by setting a base pay, it ends up being too pricey for companies to hire individuals who may not have as much experience or skills, such as those from lower income or minority backgrounds. Laffer recommends that this ultimately keeps these groups from being able to enter the labor force and become part of the mainstream economy. He believes that by removing the minimum wage, it would open up more task opportunities for these marginalized groups and help them become more incorporated into society.
This quote is written / told by Arthur Laffer somewhere between August 14, 1940 and today. He was a famous Economist from USA.
The author also have 21 other quotes.
"What we're talking about is the price of goods, all goods, in terms of money. That has nothing to do with unemployment, except for the fact that you get fewer goods. And when you have more money and fewer goods, the amount of dollars per good goes up. It goes up because there are fewer goods and it goes up because there is more money"
"I have just explained my idea of how a constructive period of reflection, one that would send a clear message to the citizens of Europe: You should now what our priorities are. For Germany this means: Unemployment is one of one of our biggest problems"
"Really, the potential for, first of all, any college graduate today is enormously good. These are good times for anyone with a college degree today, particularly African Americans. With a college degree today, you really breach the unemployment rate"
"The internal conditions in Iran are worsening in all aspects. Poverty and unemployment are becoming more severe, despite the fact that Iran has turned into a developed and industrialized country"
"We are a people trying not only to solve the problems of the present: unemployment, inflation... but we are attempting on a larger scale to fulfill the promise of America"
