From Bloomberg Businessweek:
You don’t have to be a Marxist to support a higher minimum wage, but it turns out that some of the 600 economists who signed a letter to President Obama in January advocating a federal minimum wage of $10.10 an hour are indeed followers of the bushy-bearded 19th century economist who said religion is the opiate of the masses and the proletarians have nothing to lose but their chains… I asked Saltsman where the 85 percent came from, and he pointed me to a literature review by two economists who have written against a higher minimum wage, David Neumark of the University of California, Irvine and William Wascher of the Federal Reserve Board. According to their paper, 28 of the 33 studies “that we regard as providing the most credible evidence” point to negative employment effects.

For the full story, please visit http://www.businessweek.com/articles/2014-02-27/pssst-dot-some-economist....