healthmyths
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- Sep 19, 2011
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Just the facts folks...not my words... but experts...
A new study published by the American Action Forum and Manhattan Institute finds that boosting the minimum wage nationwide to $12 or $15 would end up hurting many of the people it aims to help.
Yahoo Finance has an exclusive first look at the research, which finds that a Federal minimum wage increase to $15 per hour would cost the economy 6.6 million jobs and that only 6.7% of the extra
$105.4 billion in new wages would go to people in poverty.
“It’s a strange story,” says Holtz-Eakin. “We have somebody who otherwise would have been hired and they don’t get a job.
The person who keeps their job gets a raise so we’ve essentially taken the money from somebody who is out of work and given it to somebody who has a job.”
Holtz-Eakin believes that over the long term, companies would find ways to permanently scale down their labor force by automation, outsourcing and demanding an increase in productivity.
A 15 minimum wage could hurt those it s meant to help - Yahoo Finance
A new study published by the American Action Forum and Manhattan Institute finds that boosting the minimum wage nationwide to $12 or $15 would end up hurting many of the people it aims to help.
Yahoo Finance has an exclusive first look at the research, which finds that a Federal minimum wage increase to $15 per hour would cost the economy 6.6 million jobs and that only 6.7% of the extra
$105.4 billion in new wages would go to people in poverty.
“It’s a strange story,” says Holtz-Eakin. “We have somebody who otherwise would have been hired and they don’t get a job.
The person who keeps their job gets a raise so we’ve essentially taken the money from somebody who is out of work and given it to somebody who has a job.”
Holtz-Eakin believes that over the long term, companies would find ways to permanently scale down their labor force by automation, outsourcing and demanding an increase in productivity.
A 15 minimum wage could hurt those it s meant to help - Yahoo Finance