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Of course the minimum wage argument is staggering on: it’s bound to do so given that we’re in election season, that time when any old economic lunacy can get spouted. But it is possible for us to push back with a little economic reality now and again. And there’s an interesting new paper out that has a look at the effects of a $12 minimum wage. That’s the one that Hillary Clinton (and Larry Mishel, Jared Bernstein and the EPI) is pushing, rather than the higher one of $15 being pushed by the SEIU and their Fight for $15 campaign. And the result is that such a wage would cost some three quarters of a million jobs and wouldn’t do all that much to reduce poverty either. For the majority of those who would get raised wages aren’t in fact the primary earners in their household and thus a change in their wages doesn’t change household income that much.
The report is here:
And, last year, the nonpartisan Congressional Budget Office (CBO) drew on the best available minimum wage research to analyze the impact of a $10.10 federal minimum wage and concluded that 500,000 employees would lose their jobs if the legislation came into effect.
In this new analysis, Drs. William E. Even and David Macpherson, economists from Miami University and Trinity University, respectively, use the same methodology as the CBO and conclude that 770,000 jobs would be lost if this legislation mandating a $12 minimum wage were enacted.
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