False. The legislation would increase the federal minimum wage to $15 by 2024, benefiting nearly 40 million workers and their families. The survey coincides with the push by House Democrats to pass the Raise the Wage Act of 2019. on April 01, 2019. Most of those options are not good for the working poor or for our economy in general. True or false: raising the minimum wage is bad for the economy. ... good or bad … Print. Here are six simple reasons why raising the wage makes sense—and should happen TODAY. “Our estimates suggest a 10% increase in the minimum wage would reduce household poverty rates by 0.7 to 0.9 percentage points in the highest impact areas,” Anna Godøy and Michael Reich. While many opponents of raising the minimum wage would have you believe otherwise, the truth of the matter is that raising the minimum wage is good for the economy. 5 Reasons Raising the Minimum Wage Is Bad Public Policy. Raising the minimum wage to $15 is an ineffective way to fight poverty which could have disastrous unintended consequences for the most vulnerable workers. In short, a minimum wage increase doesn't impact just minimum wages. If California wants to be smart about fighting poverty, it should follow the lead of the Finns , and consider a Negative Income Tax. The rise would take place in steps mandated for each intervening year. Low-paid need the protection of the minimum wage. Raising minimum wage is not a communist conspiracy, it is merely bad economics (if one choses to believe in the descriptive and predictive value of the models of neo-classical economics) and actually fosters less social welfare (I use the word "welfare" in the sense that economists use it, … Increasing the national minimum wage to $15 by 2024, as proposed in the Raise the Wage Act of 2019 (H.R. The Act would raise the federal minimum wage from $7.25 an hour presently to $15 an hour by 2026. Across the country, campaigns are underway to force states or other jurisdictions, such as cities, to raise their minimum wages. It impacts all wages. It is long overdue. in Economy. IRLE Working Paper 106-19r. In conclusion, the proverb, “The Road to Hell is Paved With Good Intentions”, seems to apply to the advocates and proponents of raising the minimum wage to $15.00 per hour. “Minimum Wage Effects in Low-Wage Areas”. (2019). 582), is an important corrective to our failure to raise the minimum wage.A $15 minimum wage by 2024 would ensure that a portion of the country’s labor productivity gains are translated into higher living standards for low-wage workers. It's a shame that governments have to step in and dictate what a business should be paying its workers. This column appeared at the Foundation for Economic Education on March 25th, 2019. 1. Written by John Phelan. 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