From Bloomberg:
The debate over President Barack Obama’s proposal to raise the minimum wage turns on the credibility of an economic tenet popularized by Milton Friedman: “There’s no such thing as a free lunch.”…Work from Krueger and Dube has been answered by David Neumark, an economist at the University of California, Irvine, and Federal Reserve economist William Wascher. The evidence shows that increasing the minimum wage hurts low-paid workers, Neumark said. The trade-offs, including higher prices by companies trying to make up the added expense, aren’t worth the benefits, he said. “The most honest folks acknowledge there is some job loss, but suggest that other potential benefits more than compensate for this.”

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