History has proven that raising the minimum wage kills jobs, yet Joe Biden wants to do it anyway.
According to The Washington Free Beacon:
The analysis, published Monday by the National Bureau of Economic Research, combed through academic literature on the minimum wage and determined that nearly 80 percent of studies conducted since 1992 have found that an increased minimum wage leads to a decrease in the level of employment.
The new study comes as congressional Democrats reintroduce legislation to raise the federal minimum wage to $15 an hour and as President Joe Biden pushes for the same hike as part of his proposed $1.9 trillion COVID-19 stimulus plan. Neumark and Shirley’s findings serve as evidence that these pushes could cost American jobs as the unemployment rate remains elevated thanks to the coronavirus recession.
Neumark and Shirley observe that the debate around the minimum wage is highly fraught, with expert economists often reaching different conclusions based on the same data. Surveying recent summaries of the literature, they find that researchers have simultaneously concluded that increasing the minimum wage cuts jobs, that it doesn’t cut jobs, and that the evidence is too equivocal to say either way.
In an attempt to cut through this dispute, the pair summarize what they identify as the central findings of some 30 years of papers, stretching back to the pioneering work done by Berkeley economist David Card, one of the first economists to use modern methods to study the effects of the minimum wage on employment and wages.
Teens and young adults generally are pushed out of the labor market when a minimum wage mandate is put into effect.