Tag Archives: Fun

News

Youth unemployment rate would rise if minimum wage is increased

3 Comments

From CNBC.

Excerpt:

A quarter of teenagers were jobless in March, representing a surprising increase from February, even as the unemployment rate for the rest of the population decreased.

This figure may only get worse if budget-strapped states raise the minimum wage, and it could also be a sign of greater structural damage underlying our economy, analysts said.

The unemployment rate for 16- to 19-year olds jumped back up to 24.5 percent in March, up from 23.9 percent the prior month, according to the latest jobs data from the Labor Department.

[…]“Even when comprehending that teen employment is volatile in nature, the data that exists serves up some shock and awe,” said Brian Sozzi, a retail research analyst with Wall Street Strategies, in a note Wednesday. “If these (wage) increases do go through, the prospect for teen employment will remain grim as employers search for workers with advanced skills to fill positions.”

Twelve states, including Illinois and Pennsylvania, are considering a hike in the minimum wage. While this has been the subject of a long-running debate, many economists and analysts say raising this pay bar may cause more teen layoffs, even as it helps teens who manage to stay employed make more.

“Minimum wage increases over the past few years has definitely made it worse,” said Peter Boockvar, chief equities strategist at Miller Tabak. “In fact, there should be zero minimum wage for teenagers, or at most, something much less than the current rate.”

Teens typically are the first to be fired and the last to be hired back in a normal economic cycle, so this rate can be considered a kind of leading indicator of employment.

The majority of young people foolishly favor Democrats – the same Democrats whose policies create a 25% unemployment rate for youth. Irony!

You can find out more about how raising the minimum wage increases unemployment from this comprehensive, 50-year, government study.

Excerpt:

Summary of Research on the Minimum Wage

* The minimum wage reduces employment.

Currie and Fallick (1993), Gallasch (1975), Gardner (1981), Peterson (1957), Peterson and Stewart (1969).

* The minimum wage reduces employment more among teenagers than adults.

Adie (1973); Brown, Gilroy and Kohen (1981a, 1981b); Fleisher (1981); Hammermesh (1982); Meyer and Wise (1981, 1983a); Minimum Wage Study Commission (1981); Neumark and Wascher (1992); Ragan (1977); Vandenbrink (1987); Welch (1974, 1978); Welch and Cunningham (1978).

* The minimum wage reduces employment most among black teenage males.

Al-Salam, Quester, and Welch (1981), Iden (1980), Mincer (1976), Moore (1971), Ragan (1977), Williams (1977a, 1977b).

* The minimum wage helped South African whites at the expense of blacks.

Bauer (1959).

* The minimum wage hurts blacks generally.

Behrman, Sickles and Taubman (1983); Linneman (1982).

* The minimum wage hurts the unskilled.

Krumm (1981).

* The minimum wage hurts low wage workers.

Brozen (1962), Cox and Oaxaca (1986), Gordon (1981).

* The minimum wage hurts low wage workers particularly during cyclical downturns.

Kosters and Welch (1972), Welch (1974).

* The minimum wage reduces average earnings of young workers.Meyer and Wise (1983b).

* The minimum wage reduces employment in low-wage industries, such as retailing.Cotterman (1981), Douty (1960), Fleisher (1981), Hammermesh (1981), Peterson (1981).

* The minimum wage causes employers to cut back on training.Hashimoto (1981, 1982), Leighton and Mincer (1981), Ragan (1981).

* The minimum wage encourages employers to install labor-saving devices.Trapani and Moroney (1981).

* The minimum wage increases the number of people on welfare.Brandon (1995), Leffler (1978).

* The minimum wage hurts the poor generally.

Stigler (1946).

* The minimum wage does little to reduce poverty.

Bonilla (1992), Brown (1988), Johnson and Browning (1983), Kohen and Gilroy (1981), Parsons (1980), Smith and Vavrichek (1987).

* The minimum wage helps unions.Linneman (1982), Cox and Oaxaca (1982).

* The minimum wage increases teenage crime rates.Hashimoto (1987), Phillips (1981).

* The minimum wage encourages employers to hire illegal aliens.

Beranek (1982).

* Few workers are permanently stuck at the minimum wage.

Brozen (1969), Smith and Vavrichek (1992).

* The minimum wage has reduced employment in foreign countries.Canada: Forrest (1982); Chile: Corbo (1981); Costa Rica: Gregory (1981); France: Rosa (1981).

This is why it is important for voters to understand economics. When you raise the price of labor, fewer employers will purchase labor. Supply and demand.

News

British woman has sex with strangers in order to get fatherless child

7 Comments

Story here in the UK Sun. (H/T The Other McCain)

Excerpt:

LARA CARTER has slept with 20 strangers in the past year – in a desperate and reckless bid to get pregnant.

[…]Lara, an assistant office manager, says: “This is absolutely the right time for me to have a baby and nothing is going to stand in my way.

“All my friends have babies and I desperately want to be a mum.

“I don’t have a steady boyfriend and feel my time to have a baby is running out. I only need a man to provide his sperm – I would have no interest in seeing him again. That is why I’m a sperm hunter.”

Her obsession with getting pregnant started a year ago, when she attended the birth of a friend’s baby.

She says: “The moment I saw my friend hold her newborn child, I had a huge desire to feel that love too.

[…]She says: “First, I check if I’m ovulating… I meet some friends at a bar and instantly start looking for potential sperm donors.

“When I find a potential sperm donor, I get their first name and ask if they have any STDs. If they haven’t and we end up spending the night together, I’ll sneak out in the morning.

“When I don’t want to spend the whole night with a man, I’ll get the deed over and done with before I go home. I’ve had sex in some unusual places, including a car and even nightclub toilets.

“Obviously, I encourage them to have unprotected sex, but some men want to use a condom.

“If they do, I always have one that I have pre-pricked in my handbag. That way the sex isn’t a waste of time.”

[…]Most people are very honest when asked if they have an STD. I trust my instincts.”

Lara has already spent hundreds of pounds on baby clothes.

She says: “Whenever I see a lovely baby outfit, I have to buy it for my future child.

“I’ve also chosen the names my children will have. They will be Tilly and James or Matthew. I also take pregnancy vitamins, even though they are expensive.

Lara admits her yearning for a baby is made worse by her circle of 20 close female friends – 17 of them have had children.

She says: “I look at my friends with envy and know I would make such a good mum. They know about my quest to be a mother and support what I’m doing.

“However, I haven’t told my family, and am worried about their reaction. I’m happy to be a single mother and I wouldn’t want anything to do with the father.

“My parents are still together, so I didn’t grow up in a single-parent family, but plenty of people do it these days. I have plenty of savings to give a baby a loving, well-rounded home and lots of friends close by who can babysit. I have it all planned out.”

She adds: “When I do get pregnant after a one-night stand, I won’t contact the father… I want a baby, not a man.

The UK has generous welfare benefits for single mothers.

Excerpt:

Single mother Tracey Turner, 26… currently receives £136.50 a week in benefits, which includes £42.50 income support and £94 child tax credit.

On top of this, her local council pays all of her £161-a-week rent and gives her a hefty discount on local rates.

A British pound is worth about $1.60 USD. 300 pounds a week x 52 weeks = 15500 pounds = about $25000 USD per year in benefits, not including the “hefty discount on local rates”. Local rates = local tax rates.

I think what is the most interesting is analyzing the parts of the first article that I have bolded. It tells a story about what is causing this woman to act this way, and what she thinks about herself, her relationships with others, and about the purpose of her life. Keep in mind that this is not unusual – the out-of-wedlock birth rate in the United States is 40%.