Since 2009, the Fair Labor Standards Act has dictated that the federal minimum wage is $7.25 an hour. Some people think that's too low; others think it's too high. But it turns out that, in 35 states, it's a better deal not to work-and instead, to take advantage of federal welfare programs-than to take a minimum-wage job. That's the takeaway from a new study published by Michael Tanner and Charles Hughes of the Cato Institute. Forbes contributor Avik Roy posts analysis.

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