Minimum Wage & Labor Unions

Posted on January 15, 2012


The unemployment rate for teenagers in the US is about 25% currently, according to the Bureau of Labor Statistics, which is more than three times the unemployment rate of all workers, which is currently around 8.5%.

I shared this video in my Labor Relations class tonight – it is an interview with the late Milton Friedman, a Nobel Prize-winning economist on the effects of labor unions and minimum wage, from more than 30 years ago.

From 30+ years ago, Friedman said: “The unemployment rate among teenagers is more than twice what it is for the rest of the country.”

Sound familiar?  Thank you labor unions and minimum wage laws.

Posted in: Labor Market