David Neumark | economics.uci.edu
David Neumark | economics.uci.edu
A 2021 study of research on raising the minimum wage finds “minimum wages reduce low-skilled employment."
David Neumark of the University of California, Irvine’s Department of Economics, and his former student Peter Shirley reviewed fundamental conclusions from various studies published in academic journals on the minimum wage over the past 30 years, Breitbart reported.
The study was accomplished by focusing on various evidence using subnational minimum wage variation within the country. A major part of the review included contacting the authors of the literature.
Neumark and Shirley concluded that increasing the minimum wage negatively affects “teens and young adults as well as the less-educated.”
The study, entitled “Myth or Measurement: What Does the New Minimum Wage Research Say About Minimum Wages and Job Loss in the United States?” published by the National Bureau of Economic Research, is timely as raising the minimum wage is being considered by the Biden administration.
Additionally, Breitbart reported that the Congressional Budget Office (CBO) has released a report which finds that raising the minimum wage to $15 an hour would result in an increased federal budget deficit by $54 billion between 2021 and 2031 and reduce employment by 1.4 million jobs.
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