Econ Professor says 200,000 Jobs have been Lost due to Higher Minimum Wage during Recession

, Spencer Irvine, Leave a comment

A higher minimum wage does not lead to more job creation, but we knew that:

An economics professor at the University of California, Irvine estimates that state and local minimum wage increases have cost up to 200,000 jobs since the Great Recession, but says the figure must be evaluated against the benefits to those who manage to keep their jobs.

In a report published Monday by the Federal Reserve Bank of San Francisco, David Neumark, who directs UC Irvine’s Center for Economics and Public Policy, discusses the “conflicting evidence” on the minimum wage issue, explaining that “the evidence suggests that it is appropriate to weigh the cost of potential job losses from a higher minimum wage against the benefits of wage increases for other workers.”