, Columnist
Abolish the Federal Minimum Wage
Local governments and entrepreneurs are in the best position to decide what wages should be.
So long as they keep the fight local.
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There is a real danger that a $15 federal minimum wage would slow the recovery and induce a long-term decline in employment. Even before Covid-19, sober mainstream analysis conducted by the Congressional Budget Office estimated that a $15 minimum wage would reduce employment by 1.3 million jobs in 2025.
To their credit, some left-of-center politicians and analysts have acknowledged this danger and suggested tweaks to minimum-wage policy designed to minimize job losses. It’s a noble goal, but their proposals would only make things worse.