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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (858877)5/20/2015 9:49:58 PM
From: TimF1 Recommendation

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gamesmistress

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She's not a conservative. She's a libertarian (if a fairly mild one), liberal on social issues.

She doesn't cite her own post, its a blog post not an academic paper. She links to her previous post and several other sources for expansion of certain points rather than typing that all out again.

But more important than any of that she is correct. A majority of studies (and most economic theory and basic common sense) shows that increasing minimum wages put negative pressure on employment. How negative is variable on uncertain, and for some of the smallest negative estimates it could be argued (I'd disagree but the claim would not be crazy) that the benefit of giving some higher wages is worth a smaller number of people losing their job or not getting one in the first place (or losing hours, or losing benefits).

Of course that's only a majority of studies, there is a minority that show no employment loss. The problem there (in addition to any specific problems each study might have) is that they have only shown this for small to at most moderate minimum wage increases over a relatively short time period.

The idea going around for a $15/hour national minimum would more than double the minimum wage. Doubling the price without roaring demand for low skilled employment reduces demand, while also increasing supply. Extra supply with insufficent demand creates a surplus. A surplus of workers is commonly known as unemployment.
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