In addition to decreased benefits, experts argue that an increased minimum wage brings the potential for layoffs, tax increases, more automation, increased youth unemployment and higher crime rates. (Photo: Shutterstock)
Tradeoffs resulting from an increase in the minimum wage, argues a new paper from the Competitive Enterprise Institute, result in negative economic effects for people with low incomes that offset the benefit of any raises.
"A few workers benefit a lot, and a lot of workers are hurt a little," writes author Ryan Young. "It is an ethical judgment whether that is a good thing or not, but the risks of increased rent-seeking and reduced workplace flexibility tip the scales against an increase."
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
