This image implies that there will be more jobs available at a lower wage. The unemployment rate is 8+% so to lower that we need to get rid of the minimum wage right?
Not really...
As you can see from the graph, eliminating the minimum wage will bring the equilibrium wage lower. The current minimum wage is $7.25 an hour. I have little doubt that eliminating this minimum wage would increase the number of jobs available at $5 an hour. I also have little doubt that the main issue with our unemployment rate is not the lack of $5 an hour jobs. There are plenty of minimum wage jobs throughout the country, even in Washington state where the minimum wage is $9.04 an hour. The problem with our unemployment isn't the lack of $5 an hour jobs, its the lack of higher paying jobs (ones that pay more than the minimum wage).
Eliminating the minimum wage is not a part of the solution to our economic concerns. I suppose most people get it which is why elimination of the minimum wage ideas haven't gone too far.
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