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Thread: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recession

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    Study: The 2007 minimum wage hike cost more than 1 million jobs during the recession

    Seems common sense to me, but i'm sure we'll still have people arguing that the CBO and this study are just wrong and it's all "win" for MW workers.

    Study: The 2007 minimum wage hike cost more than 1 million jobs during the recession

    Clemens and Wither used data from the Census Bureau's Survey of Income and Program Participation to estimate the degree to which the minimum wage bumps affected "targeted" workers those most likely to be affected by these bumps. They were able to take advantage of the fact that many states set their minimum wage higher than the federal minimum, so when a federal minimum wage hike takes effect the actual impact varies state by state. By comparing outcomes in states with large minimum wage hikes to those with small ones, they calculated how much the higher minimum wage affected the labor market.
    The authors determined the minimum wage increases lowered the employment-population ratio (the share of working-age adults who were employed) by 0.7 percentage points from 2006 to 2012. During that time, the ratio fell by almost 5 percentage points, from 63.4 percent in December 2006 to 58.6 in December 2012. So while that decline may look like it was all recession, in reality it was around 15 percent due to the minimum wage, according to this paper. As of December 2012, when the working-age population was around 201 million, those 0.7 percentage points would have equaled around 1.4 million fewer people working.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by buck View Post
    Seems common sense to me, but i'm sure we'll still have people arguing that the CBO and this study are just wrong and it's all "win" for MW workers.

    Study: The 2007 minimum wage hike cost more than 1 million jobs during the recession
    That's interesting and makes sense, since in times when a business tightens its belt the most dispensable workers are the first to go and most often those are deemed to be the lowest paid.

    You'd have to look more deeply into the study than I did to determine if the ratio of workers in states with higher minimum wage rates was affected to a lesser extent or not at all to see if the federal minimum wage boost was as impactful as suggested.
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    And here I thought a market crash cost all those jobs...
    Quote Originally Posted by calamity View Post
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by KevinKohler View Post
    And here I thought a market crash cost all those jobs...
    Why bother with history when one can simply revision it?

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by CMPancake View Post
    Why bother with history when one can simply revision it?

    I haye when people " revision " History, dont you ?

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Of-course.

    And to think this is all the Progressives have been able to muster up when it comes to offering up solutions to our economic issues.

    Well I gake that back. Tax Increases, and '' stimulus to increase aggregate demand ".

    All destructive platitudes that wind up hurting the Middle class

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by KevinKohler View Post
    And here I thought a market crash cost all those jobs...
    Good thing we have studies to determine what really occurred rather than just taking what Kevin thought occurred as gospel.

    This study, whether you choose to believe it or not, determined that about 15% of the lost jobs were due to the minimum wage hikes.

    So while that decline may look like it was all recession, in reality it was around 15 percent due to the minimum wage, according to this paper.

    So while that decline may look like it was all recession, in reality it was around 15 percent due to the minimum wage, according to this paper. As of December 2012, when the working-age population was around 201 million, those 0.7 percentage points would have equaled around 1.4 million fewer people working.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by Fenton View Post
    Of-course.

    And to think this is all the Progressives have been able to muster up when it comes to offering up solutions to our economic issues.

    Well I gake that back. Tax Increases, and '' stimulus to increase aggregate demand ".

    All destructive platitudes that wind up hurting the Middle class
    Um, that increase in the minimum wage came during the Bush administration. So you think Bush is a progressive?
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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Who cares about losing ****ty jobs like that? You guys don't care that millions of those low-paying, ****ty jobs have been added under Obama, but you care that a million was lost by raising the minimum a bit?
    Ted Cruz is the dumbest person alive.

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    Re: Study: The 2007 minimum wage hike cost more than 1 million jobs during the recess

    Quote Originally Posted by whysoserious View Post
    Who cares about losing ****ty jobs like that? You guys don't care that millions of those low-paying, ****ty jobs have been added under Obama, but you care that a million was lost by raising the minimum a bit?
    Ideally, those who actually care about the working poor.

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