Minimum Wage Kills Jobs
500 economists agree.
Democrats love to claim that “most economists” support whatever their particular policy proposal happens to be, whether “stimulus” spending, unemployment benefits or the minimum wage. Besides the CBO estimating that the proposed hike would eliminate 500,000 jobs, the Washington Examiner reports, “Five hundred economists, including three Nobel laureates, on Wednesday urged Congress to junk President Obama’s proposal to boost the minimum wage to $10.10, claiming it will cut jobs and raises prices.” In the letter, they state what should be obvious: “[B]usiness owners saddled with a higher cost of labor will need to cut costs, or pass the increase to their consumers in order to make ends meet.” But Obama’s goal is “fundamentally transforming” America, and causing more unemployment so those people end up as recipients of Democrats benevolence is a means to that end.
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