The IGM Forum, which is run by the University of Chicago’s Booth School of Business, polled top economists on the minimum wage. The first question they asked was whether raising the minimum wage could make it harder for some low-wage workers to find jobs.
The second question was whether they thought increasing the minimum wage was worth it given the possible downsides.
Chosen excerpts by Job Market Monitor
MINIMUM-WAGE laws have a long history and enduring political appeal. New Zealand pioneered the first national pay floor in 1894. America’s federal minimum wage dates from 1938. Most countries now have a statutory pay floor—and the ranks are still swelling. Even Germany, one of the few big countries without, may at last introduce a national … Continue reading »
The president’s call for a rise in the minimum wage from $7.25 an hour to $9, with subsequent increases in line with inflation. The question we need to ask is: Would this be good policy? And the answer, perhaps surprisingly, is a clear yes. Why “surprisingly”? Well, Economics 101 tells us to be very cautious … Continue reading »
President Barack Obama proposed last night that the United States raise the minimum wage to $9.00 per hour. While that may seem like a massive raise for low earners — the current minimum wage is $7.25 per hour — we learned that when accounting for the impact of inflation this would be far from the … Continue reading »
A new Rasmussen poll indicates that 54 percent of Americans favor raising the Minimum Wage from $7.25 to $9 an hour, as the president proposed in his State of the Union address last week. “Most voters don’t think the minimum wage is enough to live on, and support President Obama’s proposal to raise it from … Continue reading »
US / Minimum Wage / Would be $16.50 an hour — $33,000 a year — if it had kept up with the growth of productivity since 1968
You may have seen charts like the one to the right from the Economic Policy Institute, showing how working people’s wages stopped going up along with productivity gains. This means the gains went…somewhere else. See if you can guess who got them? (Hint: it’s the 1 percent; this is one driver of the terrible income and … Continue reading »
There is no place in the United States where a minimum wage worker working 40 hours a week can afford rent on a two-bedroom apartment. Chosen excerpts by Job Market Monitor from via Minimum Wage: Beggaring Workers does not Help Employment (Infographics) | Informed Comment. Related Posts Moderate minimum wages can do more good … Continue reading »