Daniel had this commentary:
It’s an interesting approach. One does wonder why we should expect the minimum wage to be so damaging given that it grows so much slower than productivity (again – local markets matter – it may grow at a slower rate but since it’s imposed on some low-price level areas that could still mean a high real minimum wage rate for those areas).
My first reaction was, “How do we know the minimum wage wasn’t damaging back in 1968?” I mean, suppose I tried to justify the Iraq invasion by showing that more US troops died in Vietnam. That wouldn’t really be a sensible argument, would it?
Anyway, I did a very quick search and found a JEC report with this chart:
I’m not saying this chart vindicates my position, but it does show that proponents of a minimum wage increase (or at least, those saying it won’t be harmful) need to do more than simply say, “This is nothing new.”