Economists agree that the minimum wage does not help the poor.
Mark Perry: “More than 500 economists, including three Nobel laureates (Vernon Smith, Eugene Fama and Ed Prescott, along with AEI scholars/fellows Andrew Biggs, Alex Brill, Bob Helms, Marvin Kosters, Tom Miller, Stan Veuger, and Ben Zycher) havesigned this letter arguing that artificially raising the minimum wage to $10.10 per hour through a government mandate would have adverse effects on the employment opportunities for unskilled and low-skilled workers.”
Nicholas Eberstadt and Michael Hodin: “As the over-60 population grows much faster than the younger working-age cohorts, while life expectancy increases, the 20th-century model of work and retirement becomes increasingly unsuitable for economic growth. The key will be finding new solutions to engage older Americans in the workforce.”
FROM THE ARCHIVES (2013) — The myth that baby boomers are stealing jobs.
Sita Slavov:“There's no evidence that older workers threaten the jobs of younger ones. In fact, reducing work disincentives in Social Security and Medicare is likely to boost economic output, reducing the size of the tax increases and entitlement cuts that younger workers will need to face.”
Around the world
Putin’s effect on European economies (in one chart).
Kevin Hassett: “Vladimir Putin’s desire to maintain a zone of influence has had a dramatically negative effect on the economic well-being of citizens of the affected countries. It is hard to imagine how anyone could look at such data and not conclude that Putin supporters outside Russia are traitors, if not to their nations at the very least to their compatriots’ prospects of economic security and prosperity.”
Do we need a larger IMF?
Desmond Lachman: “While the U.S. Treasury is all too ready to argue the case for a bigger IMF when circumstances appear to justify such a move, it has been reluctant to revise its assessment now that changed circumstances indicate a smaller IMF is preferable.”
TESTIMONY — Government financial policy and credit availability.
Paul Kupiec:“History is replete with examples where governments direct private sector credit. Without checks and balances, governments often use their powers to direct private institutions into making nonviable loans in order to achieve favored political goals. Such policies often benefit targeted constituencies and appear to be costless in the short run. Eventually, however, they end up costing taxpayers dearly.”