From Michael Strain at Bloomberg:

In July 2019, the nonpartisan Congressional Price range Workplace estimated {that a} $15 minimal wage would remove 1.3 million jobs. The CBO additionally forecast that such a rise would scale back enterprise revenue, increase client costs, and sluggish the financial system.

The U.S. financial system shall be very weak all through 2021. The nation will want extra enterprise revenue, not much less; extra jobs, not fewer; and sooner, not slower, financial development. A $15 minimal wage would transfer the financial system within the unsuitable path throughout all these fronts.

I absolutely agree, and in reality would go additional.  On Twitter I wrote in response to Noah:

Certainly in a pandemic these businesspeople are proper and the amassed non-pandemic analysis literature doesn’t apply a lot, proper? Just about all fashions indicate we must always reduce the minimal wage, if solely briefly, for small enterprise on the very least.

Put in no matter unique assumptions you want, a fundamental mannequin will spit out a decrease optimum minimal wage for 2020-21, once more for small enterprise on the very least.  That is the recommendation that main Democratic economists must be providing to Biden.


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