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The Deadweight Loss of Minimum Wage Hikes

eevans Wrote: Mar 03, 2013 10:48 AM
A hike in min. wage to $9 would only accomplish two things and that is higher taxes for those getting the increase and higher prices for everyone else. Anyone who took Economics 101 and passed it knows what the Economic Spiral raise one thing in that spiral and everything else goes up. Min. Wagers working more than 15hrs a weeks would suddenly have their income taxes go from 10% to 15% and you can't tell me Obama doesn't know that. Plus, they would no longer not have to file income tax every year! Someone isn't paying attention to what Obama is really trying to do on this one. Check your tax tables and do the math!
anrkee Wrote: Mar 04, 2013 12:44 PM
If your numbers are correct then raising the minimum wage does give the worker a 14.7% pay raise (after taxes) (at the consumers expense)
Grant43 Wrote: Mar 03, 2013 1:06 PM
It also makes lower priced goods from other countries more attractive, reducing overall employment in the U.S., further reducing our tax base and increasing dependence on government.

Has boosting the U.S. minimum wage from $4.25 per hour in 1994 to today's $7.25 per hour helped or hurt the U.S. economy?

To answer this question, we'll be tapping the U.S. Census Bureau's data on the incomes earned by 15 to 24 year old Americans in 1994 and 2011 (which until this September represents the most recent year for which this data is available). Specifically, we'll be considering the size of the Age 15-24 population, the number of 15-24 year olds with incomes and, of course, the federal minimum wage that applied in each...