Congratulations to workers in the US who have had a Minimum Wage rise by a whopping 70 cents an hour, meaning an extra $2,000 a year in their pockets.
Interestingly, and selfishly probably the main reason I’m writing about it, is that the article I link to above mentions that a group of more than 650 economists, including ‘five Nobel laureates and six past presidents of the American Economic Association’ found that raising the Minimum Wage has no adverse affects on employment, which is the argument our own MP, Philip Davies, constantly makes.
Sadly the article doesn’t mention which report exactly this is, as it would be useful to quote in our own campaign against Philip Davies and his Tory chums who keep putting forward a Bill that would effectively scrap the Minimum Wage (no matter how much Davies protests otherwise).
You can read the statement and see the signatories here:
http://epi.3cdn.net/88c6aac4ee16915866_ldm6iie1l.pdf
There is plenty of academic research that shows the unemployment effects of the minimum wage have previously been overstated.
Many thanks for the link. The author of the article emailed me right back and gave me some info too, so it should all be very useful!
Cheers!