The minimum wage is almost always a matter of controversy. Right now, people are pushing for a $15 per hour minimum wage. Current federal law requires $7.25 per hour for non-tipped jobs, with many states having higher levels. So, why did the New York Times argue for a removal of the minimum wage altogether? Here’s their logic:
An increase in the minimum wage…would restore the purchasing power of bottom-tier wages. It would also permit a minimum-wage breadwinner to earn almost enough to keep a family of three above the official poverty line. There are catches, however. It would increase employers’ incentives to evade the law, expanding the underground economy. More important, it would increase unemployment: Raise the legal minimum price of labor above the productivity of the least skilled workers and fewer will be hired.
If a higher minimum means fewer jobs, why does it remain on the agenda of some liberals? A higher minimum would undoubtedly raise the living standard of the majority of low-wage workers who could keep their jobs. That gain, it is argued, would justify the sacrifice of the minority who became unemployable. The argument isn’t convincing. Those at greatest risk from a higher minimum would be young, poor workers, who already face formidable barriers to getting and keeping jobs.
To keep reading, click here: Why the New York Times Endorsed a $0 Minimum Wage (and You Should Too) And while I always want you to click through, I do need to note that if you don’t click through you should know anyway that this NYT quote is from 1987. That’s why it doesn’t sound like something the NYT would write.