With update links to CBO and the CEA comment on the minimum wage.
Despite the likely benefits, policymakers in Wisconsin make statements such as the following (from Fox6Now):
“I’m not a big supporter of artificially increasing the minimum wage. I think the marketplace is a much better way to go,” [Wisconsin Assembly Speaker Robin] Vos said.
Productivity outpaces real wages, deflated using the output deflator, or using the CPI.
Raise the Minimum Wage!
In the wake of New Jersey’s raise in the minimum wage,[0] it seems like a good time to re-assess the case for a nationwide increase. Back in the February State of the Union message, President Obama proposed an increase to $9.00 by the end of 2015. Figure 1 places in historical context the proposal.
Quasi partial equilibrium algebra and a graphical analysis