Most of those options are not good for the working poor or for our economy in general. Here are six simple reasons why raising the wage makes senseâand should happen TODAY. Print. Low-paid need the protection of the minimum wage. Written by John Phelan. IRLE Working Paper 106-19r. in Economy. In conclusion, the proverb, âThe Road to Hell is Paved With Good Intentionsâ, seems to apply to the advocates and proponents of raising the minimum wage to $15.00 per hour. âOur estimates suggest a 10% increase in the minimum wage would reduce household poverty rates by 0.7 to 0.9 percentage points in the highest impact areas,â Anna Godøy and Michael Reich. The legislation would increase the federal minimum wage to $15 by 2024, benefiting nearly 40 million workers and their families. âMinimum Wage Effects in Low-Wage Areasâ. The rise would take place in steps mandated for each intervening year. 1. If California wants to be smart about fighting poverty, it should follow the lead of the Finns , and consider a Negative Income Tax. This column appeared at the Foundation for Economic Education on March 25th, 2019. It's a shame that governments have to step in and dictate what a business should be paying its workers. While many opponents of raising the minimum wage would have you believe otherwise, the truth of the matter is that raising the minimum wage is good for the economy. In short, a minimum wage increase doesn't impact just minimum wages. True or false: raising the minimum wage is bad for the economy. Raising the minimum wage to $15 is an ineffective way to fight poverty which could have disastrous unintended consequences for the most vulnerable workers. ... good or bad ⦠Increasing the national minimum wage to $15 by 2024, as proposed in the Raise the Wage Act of 2019 (H.R. Across the country, campaigns are underway to force states or other jurisdictions, such as cities, to raise their minimum wages. False. Minimum Wage Good or Bad Since the beginning of its introduction, minimum wage has been a problem for many Americans and has caused countless numbers of outrage. (2019). It impacts all wages. 5 Reasons Raising the Minimum Wage Is Bad Public Policy. Raising minimum wage is not a communist conspiracy, it is merely bad economics (if one choses to believe in the descriptive and predictive value of the models of neo-classical economics) and actually fosters less social welfare (I use the word "welfare" in the sense that economists use it, ⦠582), is an important corrective to our failure to raise the minimum wage.A $15 minimum wage by 2024 would ensure that a portion of the countryâs labor productivity gains are translated into higher living standards for low-wage workers. 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