Home
/
RELIGION & LIBERTY ONLINE
/
Economists agree: Don’t raise the minimum wage to $15
Economists agree: Don’t raise the minimum wage to $15
Dec 1, 2025 9:15 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
Who are the EU leadership candidates?
The slate for the top positions in the European Union has been released, and the process of selecting candidates was nearly as discouraging as the nominees chosen. Ursula von der Leyen, who was chosen to e the next president of the European Commission, has particularly concerning views on economics. So, too, does Christine Lagarde, who would move from the IMF to the European Central Bank. Nomination chaos: The nomination ultimately ignored the agree-upon process ofSpitzenkandidat: Each of the European Parliament’s...
How fiscal policy can lead to ‘crowding out’
Note: This is post #128 in a weekly video series on basic economics. Effective fiscal policy has to be timely, targeted, and temporary. But how the central bank, businesses, and consumers respond to fiscal policy also plays a role in how effective it is, says economist Alex Tabarrok. In this video by Marginal Revolution University, Alex Tabarrok considers how about how businesses and consumers might respond to expansionary fiscal policy. (If you find the pace of the videos too slow,...
Spider-Man: Distrust and Deepfakes
The latest addition the Marvel Cinematic Universe (MCU) is Spider-Man: Far from Home, which brings an end to Phase 3. In this installment, we have an intriguing spin on the standard superhero motif of vocation and responsibility. This theme is perhaps best captured in the iconic wisdom offered by Peter Parker’s Uncle Ben, “With great es great responsibility.” A driving force of Spider-Man: Far from Home is the question whether great power ever gets to enjoy a vacation. Does great...
IEP Portugal grants the 2019 “Faith And Liberty Lifetime Tribute” on a special feast day
It was again a pleasure for me to chair the “Faith and Liberty Lifetime Tribute” ceremony and session during the 2019 Estoril Political Forum in Estoril, Portugal. The Forum, a three-day program organized by the IEP (Institute for Political Studies) at the Catholic University of Portugal, attracts almost one hundred academic, think tank, and public intellectuals from both sides of the Atlantic. It is also attended by over one hundred students. It is conducted in association with twenty organizations around...
Unemployment as economic-spiritual indicator — June 2019 report
Series Note: Jobs are one of the most important aspects of a morally functioning economy. They help us serve the needs of our neighbors and lead to human flourishing both for the individual and munities. Conversely, not having a job can adversely affect spiritual and psychological well-being of individuals and families. Because unemployment is a spiritual problem, Christians in America need to understand and be aware of the monthly data on employment. Each month highlight thelatest numberswe need to know...
James Wilson Institute interviews Samuel Gregg about new book
The James Wilson Institute’s Deputy Director Garrett Snedeker and intern Jake Rinear recently conducted an interview with Samuel Gregg, director of research at the Acton Institute, about his new book “Reason, Faith, and the Struggle for Western Civilization.” Gregg answered questions pertaining to a variety of topics such as religious liberty, freedom, natural law, enlightenment ideas, the reintegration of faith and reason and others, many of which Gregg expands upon in his book. Gregg began by discussing the influence of...
Lessons in logic from ‘Seinfeld’
Last week marked the thirtieth anniversary of the launch of the megahit TV show Seinfeld. During its reign the series was often described as “a show about nothing.” But in reality it was a show about a lot of things, including logic and truth. “There is more logic in humor than in anything else” said edian Victor Borge, “Because, you see, humor is truth.” Comedians aren’t often known for their critical thinking skills and Mr. Spock—the Vulcan embodiment of cool...
Greece: The end of austerity populism?
On Monday, the leadership of the anti-austerity populism passed definitively to Matteo Salvini of Italy, as Kyriakos Mitsotakis was sworn in as the prime minister of Greece. Mitsotakis, the son of former Prime Minister Konstantinos Mitsotakis, displaced Alexis Tsipras of the left-wing ruling party, Syriza (literally “the Coalition of the Left”), on a platform of lower taxes, deregulation, and unleashing the free market. Mitsotakis’ center-right New Democracy Party won a landslide in Sunday’s elections, securing an outright majority of 158...
Is income inequality acceptable?
In the past few weeks, democratic presidential hopefuls outlined e inequality fixes anywhere from $1,000 per month basic e to free college and single payer healthcare. While many operate on the assumption that e equality results in a fair economic system, I do not. A fair economic system allows for a level of e inequality, and policies that force e equality not only create economic havoc but are not even biblically required. And religion, invoked by both Pete Buttigieg and...
Alejandro Chafuen in Forbes: Arthur Laffer’s Medal of Freedom
On June 19, President Trump awarded the Presidential Medal of Freedom to economist Arthur Laffer, noted as a proponent of supply-side economics and famous for the concept of the “Laffer curve,” which states that taxes will not increase revenue if they rise beyond a certain level. Alejandro Chafuen, Acton’s Managing Director, ments today in Forbes on Laffer and his award. He also adds a wealth of historical precedent, pointing out that Laffer’s ideas have roots in many thinkers of centuries...
Related Classification
Copyright 2023-2025 - www.mreligion.com All Rights Reserved