The White House claims its plan won’t reduce jobs, but the vast majority of economic research on the subject – including 85% of the best studies from the last two decades – suggests otherwise. New EPI research finds that a $10.10 minimum wage could eliminate as many as one million jobs.
But it’s not just economists who understand this. In tomorrow’s Wall Street Journal, EPI is running a full-page ad featuring Microsoft co-founder Bill Gates. In a recent interview on MSNBC, Gates warned that higher minimum wage could force employers to opt for automated self-service alternatives instead of hiring entry-level employees.
Bill Gates gets it. Why doesn’t the President?