In a letter released Tuesday through the Economic Policy Institute, a left-leaning think tank, 75 economists, including seven Nobel Laureates, argue that the government should hike the federal minimum wage from $7.25 to $10.10 an hour by 2016 and then peg future increases to inflation. A proposal from Senate Democrats, backed by President Obama, to raise the minimum wage to $10.10 an hour is currently stalled in Congress.
…During the initial phase-in period of a $10.10 minimum wage, the U.S. economy would grow by $22 billion, according to a December analysis from EPI. The economic growth would result in the creation of 85,000 new jobs, the analysis concluded.
If Republicans refuse to raise the federal minimum wage, let’s call it what it is: economic sabotage.