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The Center for American Progress reports:
Think a higher minimum wage is a job killer? Think again: The states that raised their minimum wages on January 1 have seen higher employment growth since then than the states that kept theirs at the same rate.
The minimum wage went up in 13 states Arizona, Connecticut, Colorado, Florida, Missouri, Montana, New Jersey, New York, Ohio, Oregon, Rhode Island, Vermont, and Washington either thanks to automatic increases in line with inflation or new legislation, as Ben Wolcott reports in his analysis at the Center for Economic and Policy Research. The average change in employment for those states over the first five months of the year as compared with the last five of 2013 is 0.99 percent, while the average for all remaining states is 0.68 percent.
Digging deeper, all but one of those states are experiencing increases in employment, and nine of them have seen growth above the median rate.
(Score: 0) by Anonymous Coward on Saturday July 05 2014, @07:00AM
To put this into perspective for everyone arguing.
This is a difference of ~300 jobs across 100,000 people. Also the economy is just starting to recover from the housing bubble. So you are going to see a very uneven rise and fall in different areas.
http://steshaw.org/economics-in-one-lesson/ [steshaw.org]
http://steshaw.org/economics-in-one-lesson/chap19p1.html [steshaw.org]
http://steshaw.org/economics-in-one-lesson/chap18p1.html [steshaw.org]
The lesson is the broken window fallacy. It means you can not beat the market by trying to play games. Eventually the market will even itself out with the inflation created. Also Notice none of the companies that are forced to raise their rates because of the min wage increase are complaining? Why would that be? As they know a few things. First it would make them look bad (sad CEO sales down). Secondly they can increase prices. On the books to the street it looks like 'record profits this year' (happy ceo record increases in CEO salary).
Many social polices have very short term up side to them. Long term (being 2-3 years) you see the negativity kick in. All econ plans are like this. They assume perfectly good actors and little to no thought about long term issues.
We peons are arguing about what is a small speed bump in overall cost to a company. Meanwhile they are sticking it to us with polices to make them look good and make them wildly richer. Rome burns and we are circling around Nero to critique him on his fiddle playing.