Now, more than 500 economists from universities and colleges from all over the country -- of which three are Nobel Laureates -- have written an open "Statement to Federal Policy Makers" saying basically the same thing. This excerpt essentially summarizes their concern:
"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."I would hope that "all" our representatives in Washington take heed of what these economists are saying. To increase the minimum wage at the expense of so many millions and our economy -- just to garner votes -- is not just insane but a dereliction of duty. These warnings are quite clear.
The link to read the letter and see its signatories: http://economistletter.com/
Story: More than 500 Economists Denounce Minimum Wage Hike in Letter to Washington: http://www.maciverinstitute.com/2014/03/more-than-500-economists-denounce-minimum-wage-hike-in-letter-to-washington/