Posted February 18, 2014
The following statement can be attributed to Christine Owens, Executive Director, National Employment Law Project:
“Today’s Congressional Budget Office report is an outlier that flies in the face of overwhelming empirical evidence. The effect of raising the minimum wage is one of the most thoroughly studied topics in modern economics, and the vast majority of the more than 1,000 estimates contained in studies dating back to 1972 show no significant adverse effects on employment. In fact, more than 600 economists, including seven Nobel laureates, have signed a letter in support of raising the federal minimum wage, arguing that it will actually improve our economy and create jobs.
“Americans have been some of the most productive workers on Earth over the past 50 years, yet in real terms, minimum wage workers earned more during Beatlemania than they do today. It’s long past time to give workers a raise. As President Obama and more than 70 percent of Americans, including many small business owners, agree, Congress must pass legislation to raise the minimum wage now.”