Warren Meyer at Coyote Blog explains why the minimum wage is a disaster.  An excerpt:

The minimum wage raises the first rung on the ladder of success higher than Bobby can possibly reach. This is not an accident. Early proponents of the minimum wage in the early 20th century supported it precisely because it protected white workers from competition from blacks attempting to enter the work force. The minimum wage began as, and still is, a tool of oppression,preventing young men like Bobby from gaining access to good employment.

Today, the unemployment among black teens has risen to nearly 40%. This is because the government has been working for years to help older white workers with political clout keep men like Bobby out of the workforce, and the minimum wage is their most powerful tool for doing so.

Understand now why unions are so often for the minimum wage?  It creates another barrier to entry to protect their jobs.

All the talk about the new Lincoln movie has rekindled some interest in history.  For example, few know (or care) that Lincoln’s goal after emancipation of the slaves (which was in and of itself a last resort) was to deport them to Africa, as he was a white supremacist.

Anyway, there’s some interesting racially charged history when it comes to the minimum wage, as well.  See back in the day, some folks in Congress actually did understand the economic ramifications of minimum prices.  Don Boudreaux at Cafe Hayek has more.