Wednesday, November 14, 2012
The unemployment rate in May 2007 was 4.4%, and had been below 5% for 18 months. The unemployment rate last summer was around 8.2%, and had been above 8% for more than 40 months. Thus, there was a lot less reason in May 2007 to worry about the risk that a higher minimum wage might reduce the number of jobs for unskilled labor than their was in summer 2012.
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