Minimum Wages Tradeoffs: Are They Worth It?
Minimum wages help some workers, but only at other workers’ expense. Whether or not these tradeoffs are worth it is for each individual to decide. Unfortunately, many activists simply wish those tradeoffs away, which clouds decisionmaking. Over at RealClearPolicy, I praise an honest minimum wage advocate:
Finally, some minimum-wage advocates are acknowledging the policy's tradeoffs. New School economics professor David Howell recently asked the Washington Post, "Why shouldn't we in fact accept job loss?" He calls for a "living wage" mandate for some, even if it hurts others.
Is that a good trade? Lawmakers should carefully consider this question before following in the footsteps of California, which recently decided to raise its minimum wage to $15 by 2022, or New York State, which is also aiming for $15 (though its timetable is less certain).
Read the whole thing here.