No Need for a Higher Minimum Wage: The Market Has Already Increased It

The market has already adjusted, independent of government intervention, to offer higher wages. Today, less than 1 percent of workers earn the federal minimum wage.

Democrats want the federal statutory minimum wage increased because it has stood at $7.25 per hour since July 24, 2009, the longest stretch without a congressional increase since the federal minimum was established in 1938.

People forget that the labor market is like any other market, governed by supply and demand. This means...