Minimum wage reality
January 5, 2017 Leave a comment
I like this nice little Pew FactTank on the minimum wage. Yes, the minimum wage needs to go up, but this certainly gives pause at thinking going to $15 is a good idea. The highest it’s ever been is $8.68 in 2016 dollars.
Raising the minimum wage is not the disaster for hiring that conservatives like to pretend it is; the evidence is for fairly minimal effects. That said, we’ve never seen a minimum wage hike remotely like the $15 proposal. $10 strikes me as a far more reasonable start. But, hey, maybe focusing on $15 is the way to get there. That said, the minimum wage is an easy-to-understand economic policy, but it terms of helping out the working poor, there’s far more effective and efficient policies.