Apparently, the majority of actual “working economists” don’t agree with union leaders and socialists when it comes to the federal minimum wage.
A new survey by the Employment Policies Institute (EPI) “to better understand economists’ views of raising the federal minimum wage to $15” showed that 74 percent of economists surveyed “outright” oppose raising the minimum wage to $15/hr.
A whopping 61 percent “strongly oppose” the $15 minimum wage agenda.
Here are some key points to EPI’s survey (197 U.S. economists were surveyed):
84 percent of respondents believe a $15 minimum wage would have a negative effect on “youth employment levels,” with 77 percent saying it would also have a negative effect on “the number of jobs available” and 56 percent saying adult employment levels would be negatively affected.
83 percent of respondents believe that “employers will hire entry-level positions with greater skills,” which in turn would negatively affect minimally skilled workers who the minimum wage hike is supposed to help
43 percent of respondents believe the minimum wage should be “eliminated altogether,” while 39 percent “think the minimum wage should remain at $7.25 or be lowered and another 66 percent believe “the minimum wage should be $10 an hour or less.
All of those numbers alone make one wonder if socialists and union leaders actually understand business economics. It seems as though the majority of their stances on business only pertain to telling businesses how they should run instead of allowing business to dictate the market.
I’m no business expert, but common sense does go a long way in understanding how the world works outside of some people’s “utopian” vision of how society should be.
H/T: Daily Wire