A new bill introduced recently would raise the federal minimum wage by 107 percent to $15 an hour. Economists agree that it’s a terrible idea.
A 2015 University of New Hampshire survey found that nearly three-quarters of surveyed U.S. labor economists were opposed to a broad $15 minimum wage. The vast majority of these economists responded that the increase would have negative effects on youth employment levels, adult employment levels, and the number of jobs available.
Even former members of the Obama and Clinton administrations have spoken out against the policy, describing it as “extremely risky.”
Democrats should take a hint from the economy experts in their own party, and remember that a new wage mandate doesn’t mean much if employees can’t find jobs.
Employment Policies Institute, Washington, D.C.