Seemingly no amount of empirical evidence will ever convince progressives that raising minimum wages to artificially elevated levels is a bad idea. Somehow the basic idea that raising the cost of a good ultimately results in lower consumption of that good just doesn’t compute.
And while roughly 50% of the country will promptly ignore it, below is yet another study, from Dr. David Macpherson of Trinity University and Dr. William Even or Miami University, pointing out the devastating consequences of minimum wage hikes.
This study takes a look at the city of St. Louis and its decision to hike minimum wage rates 43% by 2018 from $7.70 per hour to $11.00. Macpherson figures such a hike will cost the city roughly 1,000 jobs and, as usual, will hurt the “young and less-skilled” workers the most.