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The Wages of Cynicism Raising the minimum wage won’t stimulate the economy, but it will stimulate Democratic interest groups.
Economy, finance, and budgets
Politics and law
Joe Biden’s recent speech given when he was still President-elect Biden on stimulating the economy included, among other proposals, one long on the Democratic wish list: raising the federal minimum wage to $15 an hour.
Would this policy stimulate the economy? According to the Congressional Budget Office, it would increase the income of about 7 million employees at the low end of the wage scale, at least at first. But it would also immediately cost 1.3 million other low-end employees their jobs.
Read more about US: Joe Biden s long political evolution leads to his biggest test on Business Standard. 8-year-old president-elect will inherit stewardship of a nation wrenched by pandemic, seismic cultural fissures and an opposition party s base that considers him illegitimate
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