Taking Ed Schultz to Task on the Minimum Wage

On his MSNBC show on February 13th, Ed Schultz came to the President's defense of his recent proposal to raise the minimum wage to $9 an hour. According to Schultz, while Republicans say that "it's gonna' cost jobs and it's gonna' hurt small business" this is really "just another example of Republicans denying the facts." The truth has no political affiliation, and while economists may seem to disagree on everything, there actually is something of a consensus regarding the minimum wage. Harvard professor Gregory Mankiw has a list on his blog of fourteen issues where economists have unanimous agreement. The statement that "a minimum wage increases unemployment among young and unskilled workers" garnered 79% agreement - and I have my doubts that 79% of economists are Republicans.  In fact, we can already see what hikes in the minimum wage do to youth unemployment by looking at states that set their minimum wage above the Federal minimum. The youth unemployment rate in states with...(Read Full Post)