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Breanna Deutsch, Mar. 13, 2014, Daily Caller
Over 500 economists signed
an open letter to the White House and Congress urging them to reject
a federal minimum wage increase.
The list, which included four Nobel laureates and
several veterans of past administrations, warned the minimum wage hike would
cause economic damage.
“One of the serious consequences of raising the
minimum wage is that business
owners saddled with a higher cost of
labor will need to cut costs, or pass the increase to their consumers in order
to make ends meet. Many of the businesses that pay their workers minimum wage
operate on extremely tight profit margins, with any increase in the cost of
labor threatening this delicate balance,” read the letter.
It also cited the recent report by the Congressional
Budget Office, which found that minimum
wage increases would lead to lost jobs.
Read the full story: www.dailycaller.com
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