December 4, 2014
AAF Examines Labor Market Costs Of A Minimum Wage Hike
The labor market costs of a minimum wage hike to $10.10 far outweigh any budgetary benefits, new research from the American Action Forum (@AAF) found. The AAF research finds that a minimum wage hike would reduce national job creation by 2.2 million jobs per year. Individuals unable to find work would annually lose $19.8 billion in earnings. Additionally, the AAF research found that 30 states currently experiencing job growth would see a decrease in employment. While other research has found that raising the minimum wage would slightly reduce safety net spending, the fiscal savings are minimal when compared to the 2.2 million jobs and $19.8 billion in earnings lost annually.
Click here to read the research.