Quote Of The Day

“Many economists have recognized for more than a decade that the generous minimum wages and other rigidities of the French labor market caused unemployment rates that have remained stubbornly high since the early 1990’s. Immigrants, youths, and other new entrants into the labor market have been hurt the most since they have had the greatest difficulty finding jobs. The overall French unemployment rate is now almost 9 per cent- compared to about 5 per cent in the US- with a rate over 20 per cent for young persons. About 40 per cent of the unemployed have been without a regular job for over a year, a rate that is far higher than the American long-term unemployment rate. The French have intentionally avoided collecting separate economic data on Muslims, but the Muslim unemployment rate is estimated by labor economists in France at more than 20 per cent, with the unemployment rate for young Muslims probably exceeding 30 per cent”. —Gary Becker, Nobel Prize winning economist discussing the French Riots

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