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Seven Nobel Economists Endorse a $10.10 Minimum Wage

Demonstrators protest minimum wage standards in Washington,  on May 21, 2013
Demonstrators protest minimum wage standards in Washington, on May 21, 2013Photograph by Amanda Voisard/For the Washington Post via Getty Images

It’s getting harder and harder to argue that economists oppose a higher minimum wage. Certainly many do. But seven Nobel prize-winning economists and eight former presidents of the American Economic Association have signed a new letter, released today, urging Congress to raise the federal minimum from its current level of $7.25 an hour to $10.10 by 2016.

Says the letter: “At a time when persistent high unemployment is putting enormous downward pressure on wages, such a minimum-wage increase would provide a much-needed boost to the earnings of low-wage workers.”