Raising the minimum wage - some hard numbers

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Turns out the classical economists (Austrian School) were right all along - raising the minimum wage kills jobs. From Axios:

Study: Higher minimum wages bring automation and job losses
As of the start of the year, 19 U.S. states had raised minimum wages, dramatizing a long simmering debate: Do minimum wages kill jobs, and make the working class worse off in the end? Or do they simply make them a little richer, with little or no loss to overall employment?

In a new paper, economists Grace Lordan of the London School of Economics and David Neumark of UC Irvine parse 35 years of census data and come down on the worse-off side: For lower-skill jobs like bookkeepers and assembly-line workers, they say, higher minimum wages encourage employers to automate — according to their calculations, a $1 increase can cost tens of thousands of jobs nationally.

Minimum wage was never intended to be a sustainable income. It is the responsibility of the worker to improve themselves and make themselves more valuable to their employer. Then, the employer will be justified in paying them more money. It is as simple as that.

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This page contains a single entry by DaveH published on August 16, 2017 10:08 AM.

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