Economists: A $9 minimum wage won’t hurt jobs
In his State of the Union address this week, President Obama proposed a $9 federal minimum wage, indexed to inflation, from the current $7.25. The White House has stated that the proposal would mean a raise for 15 million low-income workers and lot of people are pleased: The AFL-CIO and the Service Employees International Union have praised the idea, as have a number of Democrats in Congress.
House Speaker John Boehner really hates the idea. "When you raise the price of employment, guess what happens? You get less of it," he said Wednesday. But a number of commentators and economists have already intervened in the emerging polemic to challenge Boehner's assumptions about minimum wage hikes and less employment.
Time's Christopher Matthews noted: