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Economists oppose $15 minimum wage

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The Employment Policies Institute (EPI) says 72 percent of U.S. economists oppose a $15 minimum wage, according to a survey they conducted. EPI placed a full page ad in today’s New York Post tomorrow highlighting the survey’s results.

The survey polled 166 U.S.-based economists, most specializing in labor economics and identifying as Democrats.

The survey asked several additional questions that shed light on the finding. Five out of six respondents said a $15 federal minimum wage would have harmful effects on youth employment levels. Three-quarters said that a $15 wage would have a negative effect on the number of jobs available. And two-thirds said that a $15 minimum wage would make it more difficult for small businesses to stay in business.

Only five percent of respondents believe that a $15 minimum wage to be an efficient way to address the income needs of poor families. By contrast, 71 percent said that the Earned Income Tax Credit, which bolsters incomes through the tax code, is a very efficient way to address the income needs of poor families.

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