By Max Ehrenfreund June 26
When Seattle officials voted three years ago to incrementally boost the city’s minimum wage up to $15 an hour, they’d hoped to improve the lives of low-income workers. Yet according to a major new study that could force economists to reassess past research on the issue, the hike has had the opposite effect.
The city is gradually increasing the hourly minimum to $15 over several years. Already, though, some employers have not been able to afford the increased minimums. They’ve cut their payrolls, putting off new hiring, reducing hours or letting their workers go, the study found.
The costs to low-wage workers in Seattle outweighed the benefits by a ratio of three to one, according to the study, conducted by a group of economists at the University of Washington who were commissioned by the city. The study, published as a working paper Monday by the National Bureau of Economic Research, has not yet been peer reviewed.
Liberals will never accept this, no matter all the economic evidence.
what is left unsaid is that there is another study done by a university in California that shows there has been minimal affects on employment by the increased minimum wage. The study referred to above has some possible problems with its methodology so at this point I don’t think anyone can make a credible claim about the effects of the increase either way.
nice try lol its called basic economics
A complete mathematical imbecile would believe even having a minimum wage, let alone raising it, would have any beneficial effect on anyone other than the shrinking numbers of workers who get it.
Leftist politicians who push for it know this, but it’s a very effective tool in getting those who actually are mathematical imbeciles to support them at the polls.
Leftists are the ones who are always saying how “hard” math is and how much “everyone hated math when they were in school”, etc., etc.
Yet, they think they are the smartest ones in the room when it comes to finance, economics (and just about everything else).
.
It’s no use trying to use logic on them, when they can’t even understand how 2+2 equals 4 and then embrace that it is “too hard”.
.