Home
/
RELIGION & LIBERTY ONLINE
/
Economists agree: Don’t raise the minimum wage to $15
Economists agree: Don’t raise the minimum wage to $15
Nov 14, 2024 1:55 AM

When es to policy choices, professional economists are famous for being overly circumspect. President Harry Truman plained, “Give me a one-handed economist! All my economists say, ‘on one hand . . . on the other.’”

There are some areas, though, where basic economic theory is so obvious that it’s not hard to find a majority of economists to agree. A prime example is the popular, but misguided, proposal to raise the minimum wage to $15.

A recent survey of 197 U.S. economists found that more than two-thirds (88 percent) think an acceptable federal minimum wage should be less than $15, with 74 percent outright opposing raising it to $15 (strongly oppose, 61 percent; oppose somewhat, 13 percent).

The survey also found that a strong majority of economists believe a minimum wage of $15 will have negative effects on youth employment levels (84 percent), the number of jobs available (77 percent) and adult employment levels (56 percent). When asked what effect a wage of $15 will have on the skill level of entry-level positions, four-in-five (83 percent) believe employers will hire entry-level positions with greater skills.

Economists are divided on whether a wage of $15 will help or hurt poverty rates. One-third (38 percent) think an increased wage will lead to increased poverty rates, while 27 percent think it will be reduced, 19 percent say it will be unchanged and 16 percent are not sure. Most economists (64 percent) think the Earned e Tax Credit (EITC) is a very efficient way to address the e needs of poor families, while only six percent believe a wage of $15 would be very efficient.

Two-in-five (39 percent) also think the minimum wage should remain at $7.25 or be lowered, with two-thirds in total (66 percent) believing the minimum wage should be $10 an hour or less.

Yet despite this expert opinion, House Democrats are pushing the Raise the Wage Act of 2019, a bill that would increase the federal minimum wage more than 100 percent by 2024. The legislation would also raise the minimum wage of workers who earn tips, like restaurant servers, by more than 600 percent the minimum wage.

Do these politicians not know the effect their policy would have on the low-skilled and working poor? Or do they just not care?

Comments
Welcome to mreligion comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
RELIGION & LIBERTY ONLINE
Samuel Gregg: Business vs. the Market
In a new essay for Public Discourse, Acton Research Director Samuel Gregg explains why we shouldn’t only focus on public sector unions as examples of organizations that seek government power and taxpayer dollars to advance their ends. “A considerable portion of the munity is equally culpable,” Gregg writes. Excerpt: The attractions of business-government collusion are enhanced when the state’s involvement in the economy grows. This is partly a question of incentives. The larger the scope of government economic intervention, the...
Green Patriarch: No Nukes
With the terrible human toll from Japan’s earthquake and tsunami catastrophe only now prehended, and the grave follow on crisis at the country’s nuclear power plants unfolding by the hour, the anti-nuclear power crowd has already begun issuing statements such as the one Greenpeace put out saying that “nuclear power cannot ever be safe.” Predictably, reports Geoffrey Lean in the Telegraph, “battle lines” are being drawn: On Saturday, some 50,000 anti-nuclear protesters formed a 27-mile human chain from Germany’s Neckarwestheim...
Open Source Software and Market Competition
The traditional Drupal logo Last week I attended Drupalcon Chicago 2011. Acton Institute’s website runs the Content Management System called Drupal. It is a highly customizable website publishing tool that powers around 1.7% of the Internet. Drupal scales: you can use it for a personal website, but very large outfits use Drupal including the White House and Grammy. As you may know, open source software is free. Anyone can download the package and begin using it or view the internal...
Social Justice and the ‘Third California’
In his New Geographer column on Forbes, Joel Kotkin looks at the “profound gap between the cities where people are moving to and the cities that hold all the political power” in California. Those living in the growing “Third California” — the state’s interior region — are increasingly shut out by political elites in San Francisco and other coastal cities. Kotkin observes that the “progressives” of the coast are “fundamentally anti-growth, less concerned with promoting broad-based economic growth — despite...
Religion & Liberty: An Interview with Thomas C. Oden
Religion & Liberty’s winter issue featuring an interview with patristics scholar Thomas C. Oden is now available online. Oden, who is a Methodist, recalls for us the great quote by Methodist founder John Wesley on the Church Fathers: “The Fathers are the most mentators on Scripture, for they were nearest the fountain and were eminently endued with that Spirit by whom all Scripture was given.” Oden reminds us of the relevancy of patristics today, he says “You can hardly find...
Five Things
It’s been awhile since I’ve done a summary post of this kind, but there’s been a fair number of things of interest over the last week or so that are worthy of a quick highlight. So here’s an edition of the aptly named “Five Things” (HT): Carl Trueman reflects on his visit to the Acton Institute. Concerned about how his Republocrat credentials e across, Trueman says, “Despite my fears that I might be heavily outgunned at Acton, the seminar actually...
A Discussion of ‘A Call for Intergenerational Justice’
Last night Gideon Strauss of the Center for Public Justice was generous enough to join us for a public discussion of the recently-released document, “A Call for Intergenerational Justice: A Christian Proposal for the American Debt Crisis.” This document has occasioned a good deal of reflection here at the PowerBlog, and Gideon took the time to engage this reflection, introducing the context of the Call and answering questions about it. Gideon got to chide me for not signing the document...
A Suggestion for Rounding Out ‘A Call for Intergenerational Justice’
I’d like to thank Gideon Strauss of the Center for Public Justice and Jordan Ballor of the Acton Institute for their gracious and thoughtful contributions to the discussion of “A Call for Intergenerational Justice” at last night’s Open Mic Night in Grand Rapids. It was an excellent example of the kind of spirited and good natured dialogue we need in confronting the problems of poverty and the national debt. Earlier this week I pointed out that there was indeed a...
Japan Quake, Military Aid, and Shane Claiborne
Waking up to the devastation today in Japan was heartbreaking. Malcolm Foster, reporting for the AP, notes: A ferocious tsunami unleashed by Japan’s biggest recorded earthquake slammed into its eastern coast Friday, killing hundreds of people as it carried away ships, cars and homes, and triggered widespread fires that burned out of control. Reporting for Reuters, Patricia Zengerle and David Morgan’s headline reads: “U.S. readies relief for quake-hit ally Japan.” From their article: The Defense Department was preparing American forces...
Can the U.S. learn from Europe’s green mistakes?
Kenneth P. Green, of the American Enterprise Institute (AEI), recently examined green energy in Europe in an essay titled, “The Myth of Green Energy Jobs: The European Experience.” Green thoroughly analyzes the green industry in Europe while seeking to discover the reasons behind its current downward spiral. As readers discover, this is largely due to the green industry being unsustainable while heavily relying on government intervention and subsidies. Green uses the failing green industry in Europe to forewarn the United...
Related Classification
Copyright 2023-2024 - www.mreligion.com All Rights Reserved