Thursday, August 21, 2014

Do Higher Minimum Wages Create More Jobs? President Obama points to evidence that they do, but he must have missed New York, New Jersey and Connecticut.

The Wall Street Journal
Of the 13 states that raised the minimum wage, Connecticut, New Jersey and New York were the three that raised it most, with increases ranging from 5% to 14%. These three states also experienced the worst job growth between January and May, an average of 0.03% compared with an average 1.28% for the other 10 states. Indeed, job growth was worse in each of these three states than it was, on average, in the 37 states that did not raise their minimum wage at all. Moreover, in New Jersey, the state that hiked minimum wage the most—to $8.25 an hour from $7.25—employment actually fell by about 0.56%.
An article well worth your time.