New York Times editorials on raising the minimum wage:
"Raising the minimum wage by a substantial amount would price working poor people out of the job market. A far better way to help them would be to subsidize their wages or - better yet - help them acquire the skills needed to earn more on their own.
An increase in the minimum wage to, say, $4.35 would restore the purchasing power of bottom-tier wages. It would also permit a minimum-wage breadwinner to earn almost enough to keep a family of three above the official poverty line. There are catches, however. It would increase employers' incentives to evade the law, expanding the underground economy. More important, it would increase unemployment: Raise the legal minimum price of labor above the productivity of the least skilled workers and fewer will be hired
The idea of using a minimum wage to overcome poverty is old, honorable - and fundamentally flawed
. It's time to put this hoary debate behind us, and find a better way to improve the lives of people who work very hard for very little."
2. From 2012, "Raise New York's Minimum Wage
"It is time for New York to raise its minimum wage enough to help more than 600,000 struggling workers. Assembly Speaker Sheldon Silver is vigorously pushing a bill
to raise the minimum to $8.50 an hour immediately and to adjust it each year for inflation. This should not be a controversial measure.
Gov. Andrew Cuomo supports an increase, as does Mayor Michael Bloomberg. Only Republican state senators are resisting, using the same stale argument that a minimum wage increase is bad for business. The Senate Republican leader, Dean Skelos, argues that the measure “could be a job killer rather than a job promoter.” That contention has been proved wrong time and again."
MP: How to explain this regression in economic reasoning over the last 25 years at the New York times? Paul Krugman joined the NY Times in 1999? Economic amnesia? None of the current editorial staff ever took high school or college economics?