Episode 208: “Wage”ing War
Words & Numbers
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The Card and Crueger Study Does Not Create Unemployment
The Congressional Budget Office says raising the federal minimum wage to $15 will cost us 1.3 million jobs. A study by Newmark and washer replicated a 1990s card and crueger study, which found no effect on employment numbers. The new study used actual payroll data instead of survey data asking what managers intend to do when wages go up. As a non-economist, I don't know what to make of that.
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