How are spending, income and debt affected by minimum-wage hikes?:
Spending, income, and debt responses to minimum-wage hikes, by Daniel Aaronson and Eric French, VoxEU.org: Introduction A central part of President Obama?s 2013 State of the Union address is a proposal to gradually raise the federal minimum wage from $7.25 to $9 per hour. Proponents have argued that raising the minimum wage may provide fiscal stimulus by putting money in the hands of people who are likely to spend it (see The New York Times 2013). This argument is sometimes based on findings from our research (Aaronson, Agarwal and French 2012), where we estimate the spending, income, and debt responses to minimum-wage hikes, as well as calibrations presented by the Economic Policy Institute (Hall and Cooper 2012). In this article, we describe our results and discuss the implications for policy. ...
Posted by Mark Thoma on Wednesday, March 6, 2013 at 12:33 AM in Economics?| Permalink? Comments?(10)
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