Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
2Activity
0 of .
Results for:
No results containing your search query
P. 1
Economists' Letter

Economists' Letter

Ratings: (0)|Views: 685|Likes:
Published by sjean593
More than 500 economists in Texas and across the country sent an open letter -- in conjunction with today’s U.S. Senate Health, Education, Labor and Pensions Committee hearing on the Harkin minimum wage bill -- calling for a comprehensive approach to address the nation's poverty.
More than 500 economists in Texas and across the country sent an open letter -- in conjunction with today’s U.S. Senate Health, Education, Labor and Pensions Committee hearing on the Harkin minimum wage bill -- calling for a comprehensive approach to address the nation's poverty.

More info:

Published by: sjean593 on Mar 12, 2014
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

06/06/2014

pdf

text

original

 
A Statement to Federal Policy Makers
The “recovery” from the Great Recession has been anemic. Business growth, job creation, and consumer spending remain tenuous. Since the official trough in June 2009, median income has fallen, real wages have barely risen, unemployment remains elevated, and because so many Americans have left the workforce entirely, the fraction of the population working is below the pre-recession level. To address the very real concerns of out of work and low-wage workers, many of our nation’s policymakers point to raising the minimum wage as a “silver bullet” solution. Although increasing wages through legislative action may sound like a great idea, poverty is a serious, complex issue that demands a comprehensive and thoughtful solution that targets those Americans actually in need. As economists, we understand the fragile nature of this recovery and the dire financial realities of the nearly 50 million Americans living in poverty. To alleviate these burdens for families and improve our local, regional, and national economies, we need a mix of solutions that encourage employment, business creation, and boost earnings rather than across-the-board mandates that raise the cost of labor. One of the serious consequences of raising the minimum wage is that business owners saddled with a higher cost of labor will need to cut costs, or pass the increase to their consumers in order to make ends meet. Many of the businesses that pay their workers minimum wage operate on extremely tight profit margins, with any increase in the cost of labor threatening this delicate balance. The Congressional Budget Office’s (CBO) most recent report underscores the damage that a federal minimum wage increase would have. According to CBO, raising the federal minimum wage to $10.10 per hour would cost the economy 500,000 jobs by 2016. Many of these jobs are held by entry-level workers with limited experience or vocational skills, the very employees meant to be helped. The minimum wage is also a poorly targeted anti-poverty measure. Extra earnings generated by such an increase in the minimum wage would not substantially help the poor. As CBO noted, “many low-wage workers are not members of low-income families.” In fact, CBO estimates that less than 20 percent of the workers who would see a wage increase to $10.10 actually live in households that earn less than the federal poverty line. For these reasons, we encourage federal policymakers to examine creative, comprehensive policy solutions that truly help address poverty, boost incomes from work, and increase upward mobility by fostering growth in our nation’s economy. Sincerely, Vernon Smith
 Nobel laureate
Burton Abrams
University of Delaware
 Eric Abrams
 McKendree University
 Richard Adams
Oregon State University
Doug Adie
Ohio University
 Francis, Ahking
University of Connecticut
William Albrecht
University of Iowa
 Edward Prescott
 Nobel laureate
Donald Alexander
Western Michigan University
 William Allen
UCLA
 John Anderson
University of Nebraska- Lincoln
 Wayne Angell
 Former Member of the  Board of Governors
 JJ Arias
Georgia College
 Eugene Fama
 Nobel laureate
Dick Armey
 Retired Majority Leader, U.S. House of  Representatives
  Nathan Ashby
University of Texas El  Paso
Ban Banerjee
University of Wisconsin- Platteville
Chris Barnekov
 Federal Communications Commission
 John Barrett
University of North  Alabama
 Lowell Bassett
University of Washington
 Robert Battalio
University of Notre Dame
Stacie Beck
University of Delaware
 Robert Beekman
University of Tampa
Donald Bellante
University of South  Florida
Daniel Benjamin
Clemson University
 Michael Bennett
Curry College
William Beranek
University of Georgia
  Nancy Bertaux
 Xavier University
 Roger Betancourt
University of Maryland, College Park
Sanjai Bhagat
University of Colorado
 Miles Bidwell
 Bidwell Associates
 Seth Bied
 New York State  Department of Taxation and Finance
 Andrew Biggs
 American Enterprise  Institute
 Bob Bise
Orange Coast College
 Bob Blewett
St. Lawrence University
 Cecil Bohanon
 Ball State University
Michael Bond
University of Arizona
 
 
Donald Booth
Chapman University
 Geoffrey Booth
 Michigan State University
Donald Boudreaux
George Washington University
John Boyd
 Florida International University
John Boyd
University of Minnesota
 Genevieve Briand
Washington State University
Alex Brill
 American Enterprise  Institute
James Brown
 Retired 
 Don Bruce
University of Tennessee
Eric Brucker
University of Delaware
Lawrence Brunner
Central Michigan University
M. Northrup Buechner
St. John’s University
 Richard Burkhauser
Cornell University
 James Butkiewicz
University of Delaware
 Bill Butos
Trinity College
 Juan Buttari
USAID
 Patrick Button
University of California- Irvine
 Per Bylund
 Baylor University
 Charles Calomiris
Columbia University
 Colin Campbell
 Dartmouth College
 Victor Canto
 La Jolla Economics
 Robert Carey
Clemson University
 Richard Cebula
 Jacksonville University
 Don Chance
 Louisiana State University
 Beryl Chang
Columbia University
 Myong-Hun Chang
Cleveland State University
Barry Chiswick
George Washington University
Susan Christoffersen
 Philadelphia University
Michael Clark
 Hillsdale College
Ken Clarkson
University of Miami
Richard Claycombe
 McDaniel College
David Cleeton
 Illinois State University
Marcelo Clerici-Arias
Stanford University
Warren Coats
 International Monetary  Fund, Retired
Peter Colwell
University of Illinois Urbana-Champaign
Roger Congleton
West Virginia University
Robert Connolly
University of North Carolina
Kathleen Cooper
 Former Undersecretary,
 
 Department of Commerce
Mike Cosgrove
University of Dallas
Tyler Cowen
George Mason University
Steven Craig
University of Houston
Mark Crain
 Lafayette College
 Nicole Crain
 Lafayette College
David Cushman
Westminster College
Larry Dann
University of Oregon
Minh Dao
 Eastern Illinois University
J. Ronnie Davis
University of New Orleans
Steven Davis
University of Chicago
Louis De Alessi
University of Miami
Harold Demsetz
UCLA
Joseph DeSalvo
University of South  Florida-Tampa
William Dewald
The Ohio State University
Bob DeYoung
University of Kansas
Arthur Diamond
University of Nebraska at Omaha
John Diamond
 Rice University
David Dittman
Cornell University
Jeffrey Dorfman
University of Georgia
LuAnn Duffus
College of Wooster
Joseph Duncan
Chairman, Micro Mite  Information Research
Jerry Dwyer
Clemson University
Richard Eastin
University of Southern California
 John Eckalbar
Cal State University Chico
John Egger
Towson University
Kenneth Elzinga
University of Virginia
Richard Ericson
 East Carolina University
John Estill
San Jose State University
Ayse Evrensel
Southern Illinois University Edwardsville
Hugo Eyzaguirre
 Northern Michigan University
Frank Falero
CSU
Liliana Fargo
University of Chicago  Alumna
Ken Farr
Georgia College and State University
Joan Farre-Mensa
 Harvard University
Susan Feigenbaum
University of Missouri-St.  Louis
Randall Filer
 Hunter College & the CUNY Graduate
 
Center 
 Silverio Zebral Filho
Organization of American States
Garry Fleming
 Roanoke College
R.N. Folsom
San Jose State University
Douglas Frechtling
George Washington University
Diana Furchtgott-Roth
 Manhattan Institute for  Policy Research
Delworth Gardner
 Brigham Young University
John Garen
University of Kentucky
Stanley Garthoff
University of Akron
Ramya Ghosh
 Drexel University
Joseph Giacalone
St. John's University
Adam Gifford
Cal State Northridge
Ann Gillette
 Kennesaw State University
David Gillette
Truman State University
Vance Ginn
Texas Public Policy  Foundation
Peter Gioia
Connecticut Business and  Industry Association
Fred Goddard
University of Florida
Charles Goetz
University of Virginia
John Goodman
 National Center for  Policy Analysis
Ed Graham
UNC Wilmington
Phil Gramm Anthony Greco
University of Louisiana- Lafayette
William Green
Sam Houston State University
 
Thomas Gresik
University of Notre Dame
Earl Grinols
 Baylor University
Darrin Gulla
University of Kentucky
Tami Gurley-Calvez
University of Kansas  Medical Center
Rik Hafer
Southern Illinois University Edwardsville
Colleen Haight
San Jose State University
Simon Hakim
Temple University
Dan Hamilton
California Lutheran University
Gary Hansen
UCLA
Jason Hansen
 Naval Postgraduate School
Stephen Happel
 Arizona State University
Scott Harrington
The Wharton School
Larry Harris
USC Marshall School of  Business
Lydia Harris
Goucher College
William Hart
 Miami University
Joseph Haslag
University of Missouri-Columbia
John Haslem
University of Maryland
Rudolf Hauser
 Retired
Gary Hawkins
 Indiana University South  Bend
Joel Hay
University of Southern California
 Thomas Hazlett
Clemson University
Daniel Heath
Georgetown University  Institute of International  Economic Law
Gilbert Heebner
 Eastern University, St.  Davids
Scott Hein
Texas Tech University
Robert Heller
 Former Governor of the  Federal Reserve Board
Robert Helms
 American Enterprise  Institute
David Henderson
 Hoover Institution
James Henderson
 Baylor University
Wallace Hendricks
University of Illinois
Ernesto Hernandez-Cata
 International Monetary  Fund
Robert Herren
 North Dakota State University
Rod Hewlett
 Bellevue University
P.J. Hill
Wheaton College
Vivian Ho
 Rice University
John Hoehn
 Michigan State University
Arlene Holen
 Former Associate  Director, Congressional  Budget Office
Douglas Holtz-Eakin
 American Action Forum
 John Howell
 Retired
Jason Hsu
UCLA
Glenn Hubbard
Columbia University
Thomas Hubbard
 Northwestern University
Jeffrey Rogers Hummel
San Jose State University
Mark Isaac
 Florida State University
Dwight Israelsen
Utah State University
Dennis Jansen
Texas A&M University
Thomas Jeitschko
 Michigan State University
Bruce Johnsen
George Mason University
Dennis Johnson
University of South  Dakota
Jerry Johnson
University of South  Dakota
Shane Johnson
Texas A&M University
Steven Jones
 Indiana University
Jerry Jordan
 Federal Reserve Bank of Cleveland
Richard Just
University of Maryland
Michael Kaganovich
 Indiana University
Kathleen Kahle
University of Arizona
Joseph Kalt
 Harvard University
James Kau
University of Georgia
Jim Kearl
 Brigham Young University
Barry Keating
University of Notre Dame
Kristen Keith
University of Toledo
David Kendall
University of Virginia-Wise
Joe Kennedy
 Kennedy Research, LLC
Rick Kilcollin
Sanborn Kilcollin  Partners, LLC
Richard Kilmer
University of Florida
Daniel Klein
George Mason University
Donald Koch
 Former Chief Economist,  Barnett Banks of Florida
James Koch
Old Dominion University
Meir Kohn
 Dartmouth College
Aycan Koksal
Cleveland State University
Roger Koppl
Syracuse University
Marvin Kosters
 American Enterprise  Institute
Robert Krol
Cal State Northridge
Anne Krueger
Stanford University
Cory Krupp
 Duke University
Jamie Kruse
 East Carolina University
Vikram Kumar
 Davidson College
Jim Kurre
 Penn State University
Francis Laatsch
University of Southern  Mississippi
David Laband
Georgia Institute of Technology
Arthur Laffer
 Laffer Associates
Randy LaHote
Washtenaw Community College
Deepak Lal
UCLA
Heather Lamoreux
University of Ottawa
William Landes
University of Chicago
George Langelett
South Dakota State University
Richard Langlois
University of Connecticut
 Nicholas Lash
 Loyola University of Chicago
William Lastrapes
University of Georgia
Thomas Layman
Visa U.S.A.
Roslyn Layton
 Aalborg University
Don Leet
Cal State Fresno
John Leeth
 Bentley University
 Norman Lefton
Southern Illinois University Edwardsville
Tom Lehman
 Indiana Wesleyan University
James Leiby
University of Maine
Pierre Lemieux
University of Quebec
Thomas Lenard
Technical Policy Institute
Irving Leveson
 Leveson Consulting

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->