Min Wage Hike Would Slow COVID Recovery
Michael Strain at Bloomberg argues that a $15 federal minimum wage that would slow the recovery and devastate many low-wage workers (Bloomberg)
…raising the federal minimum wage to $15 would have some upside. The same CBO report that found this policy would eliminate over one million jobs also concluded that at least 17 million workers would see their weekly earnings increase. Most of those gains would go to families with incomes above the poverty line.
So that’s the trade-off: Is boosting middle-class income worth eliminating hundreds of thousands of jobs for the least-skilled, least-experienced, most vulnerable workers in the labor market? My answer is an emphatic no