Minimum wage is about to go up in eight states
Minimum wage is about to go up in eight states
- December 22, 2011
- Research by David Neumark, economics professor and Center for Economics & Public Policy director, is featured in Forbes December 22, 2011
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From Forbes:
While economists and policy makers on the left and the right continue to disagree
about the impact of a higher minimum wage on jobs and the economy, eight states will
be putting into effect minimum wage hikes as of January 1, boosting the incomes of
some 1.4 million low-wage workers in Arizona, Colorado, Florida, Montana, Ohio, Oregon,
Vermont and Washington.... On the left, supporters of a higher minimum wage believe
that more money in workers' pockets means more consumer spending and a boost in demand.
On the right, critics point to studies showing that a hike in minimum wage can hurt
GDP growth and reduce job opportunities for the least skilled workers. There is plenty
of data supporting both positions, which makes it tough to judge which side has the
upper hand.... Meantime, a comprehensive two-decade literature review by a University
of California at Irvine economist and a member of the Federal Reserve Board, published
in 2007, showed that a hike in minimum wage hurt the job chances of low-wage workers.
For the full story, please visit http://www.forbes.com/sites/susanadams/2011/12/22/minimum-wage-is-about-....
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