While you’re taking a lunch break today, be sure to check out Peter Suderman’s latest commentary on Reason.com, titled, “Sorry, Bernie Sanders. Raising the Minimum Wage to $15 an Hour Wouldn’t Create Millions of Jobs. But It Might Destroy Them.”
Democratic socialist Bernie Sanders talks a big game about raising the federal minimum wage to $15. But what kind of effect would that have on the economy and jobs?
On several occasions during last night’s Democratic presidential debate, Vermont Senator Bernie Sanders, the self-described democratic socialist whose populist presidential campaign has posted surprisingly strong numbers all summer, voiced support for raising the federal minimum wage to $15 an hour.
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…Many of these plans start from the assumption, implicitly or explicitly, that these minimum wage hikes would be relatively cost-free, pointing to several studies seeming to show that increases in the minimum wage don’t have much effect on jobs.
…There is no evidence whatsoever to support such a move, which would be, at best, a foolish gamble with the nation’s economy.