From Carpe Diem:
The Bank of Spain recommended on Friday to suspend the country’s minimum wage to tackle record high youth unemployment of 57.2%.
Maybe the U.S. should follow Spain’s lead and suspend our minimum wage, since our teenage jobless rate – at 24.1% in April for all 16- to 19-year-olds remains close to record high levels (see chart below).
And for America’s black teens, it’s even worse – the jobless rate in April was 40.5% for all black teens, and 44.7% for black male teens – which is approaching the level in Spain.
By special request, here’s another chart below that shows the relationship between: a) the difference between the overall monthly jobless rate and the teenage jobless rate, and b) the hourly minimum wage, from January 2002 to April 2013…