The key thing you need to know about a minimum wage hike
is that it will kill jobs. About 80 percent of economists surveyed recognize this
job-killing reality, points out former chair of the White
House Council of Economic Advisers and current Harvard economics department
chairman Greg Mankiw
in his popular textbook, Principles of Economics.
Moreover, 85 percent of econometric studies demonstrate
this job-killing fact. U.S. News &
World Report explains, “Proponents of a higher minimum
wage point to a handful of studies that find no jobs effect to make their case.
And it’s true, these studies do exist — but they’re in the extreme minority.
Two economists from the Federal Reserve Board and the University of California-Irvine
took the time to read all of the most credible research on the minimum wage
from the past 20 years, and found an overwhelming 85 percent of it pointed to a
decline in employment.”
James Buchanan, 1986 Nobel laureate in economics, famously wrote in The Wall Street Journal
on April 25, 1996:…..To Read More…..
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