Higher minimum wage bad for N.Y.
- January 27, 2012
- David Neumark, economics professor and Center for Economics & Public Policy director, is quoted in the Times Union January 26, 2012
From the Times Union:
State lawmakers are pushing to raise the minimum wage. New York is an expensive state, they argue, and a modest increase in the minimum wage will help the working poor make ends meet. These leaders' intentions are no doubt sincere, but raising the cost of labor in the midst of an unemployment crisis is likely to hurt the very people whom they want to help. Consider the work of David Neumark, director of the Center for Economics and Public Policy at the University of California, Irvine: "The consensus from a lot of studies I've surveyed, including my own, says that a 10 percent increase in the minimum wage reduces employment for those very low-skill groups by about one to two percent," he wrote in a recent article.
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