The national minimum wage was raised from 40¢ to 75¢ an hour last week. The bill signed into law by the President will give an estimated 1,500,000 workers a raise of around $300 million a year. Harry Truman called it "a major victory in our fight to promote the general welfare," and said it "should result in the virtual elimination of the evil of child labor."
It wasn't quite as much a victory as it seemed. By the time the lawyers finish with its loopholes, it will probably cover at least 200,000 fewer employees than the old Fair Labor Standards Act. The...
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