Thomas Sowell: Mob Rule Economics

Excerpt: "In 1948, the year I left home, the unemployment rate among black 16-year-olds and 17-year-olds was 9.4 percent, slightly lower than that for white kids the same ages, which was 10.2 percent. ✧ Over the decades since then, we have gotten used to unemployment rates among black teenagers being over 30 percent, 40 percent or in some years even 50 percent. Such is the price of political 'compassion.' ✧ Whatever the good intentions behind minimum wage laws, what matters are the actual consequences. Many people have ideological, financial or political incentives to obfuscate the consequences."

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