[quote=SK in CV][quote=EconProf]We economists are largely in agreement about raising the minimum wage: it will kill jobs.
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No, we economists are NOT largely in agreement that it will kill jobs. There is little evidence that it ever has before. At very best, economists have no f’ing clue whether it will kill jobs. At worst, they know exactly what will happen.
A plurality of economists think that the costs of raising the minimum wage are outweighed by the benefits.
At least 600 phd economists think that increases in the minimum wage “have had little or no negative impact on employment of minimum-wage workers:
In recent years there have been important developments in the academic literature on the effect of increases in the minimum wage on employment, with the weight of evidence now showing that increases in the minimum wage have had little or no negative effect on the employment of minimum-wage workers, even during times of weakness in the labor market. Research suggests that a minimum-wage increase could have a small stimulative effect on the economy as low-wage workers spend their additional earnings, raising demand and job growth, and providing some help on the jobs front.
http://www.epi.org/minimum-wage-statement/%5B/quote%5D
Economists range from far right to far left, so the fact that the Economic Policy Institute could find 600 economists, out of tens of thousands, to support a minimum wage increase does not say a lot.
I noticed that those 600 included some distinguished notables as well as junior college instructors.
Please remember that I said economists are “largely in agreement” about the harmful effects of a minimum wage hike–meaning a majority. SK carefully says a “plurality” of economists favor a hike–meaning a minority. Glad we agree on that.
And let’s take a closer look at that neutral-sounding Economics Policy Institute. Turns out it is headed up by Richard Trumpka, head of the AFL-CIO. And ten of the Board of Directors are union heads. Nothing suspicious there.
