On Increasing The Minimum Wage In Saint Louis
Most people want higher wages for everybody. However, mandating a higher minimum wage as a way to improve the economic conditions of poor families is suspect. One of the reasons why raising the minimum wage might not improve the conditions of poor families is that a higher minimum wage could discourage employers from hiring low-skilled workers that proponents of the minimum wage are trying to help. A large body of evidence confirms that minimum wages reduce employment for these workers.6 In one analysis of proposed federal minimum wage increases, the Congressional Budget Office (CBO) estimated that increasing the federal minimum wage to $10.10 an hour would reduce employment by 500,000 jobs.
Read the full testimony:
