by Jon Sanders
Director of the Center for Food, Power, and Life, Research Editor | John Locke Foundation
Although our local media seem not to realize it, one subject that economists are in greatest agreement over is the negative unintended consequences of the minimum wage.
The Employment Policies Institute issued a report earlier this year surveying economists’ opinions on various economic impacts from hiking the minimum wage to $15/hr. About the participating economists: Nearly two-thirds (64 percent) of the 197 economists specialized in labor economics, and three-fourths worked in academe. Two-thirds had worked as economists for over 20 years (only 11 percent had worked for 10 years or fewer). Most were either Democrats (35 percent) or Independents (46 percent), and only 12 percent were Republicans.
What effects do economists foresee from hiking the minimum wage more than double to $15/hr.? Strong majorities predict:
In looking over these results again, what strikes me is the staggering consensus among economists about what a $15/hr. minimum wage won’t do:
The costs and benefits of a minimum wage hike should be front and center in the public debate over the idea, don’t you think?