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Unemployment among minimum wage workers

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A binding minimum wage is expected to increase unemployment among minimum wage workers. Two years ago, the Congressional Budget Office recently issued its estimate of the effects of an increase of the minimum wage to just over $10/hour. It found that it would increase the incomes of an estimated 16,500,000 people, but that it would cost jobs. The Congressional Budget Office's best guess (although their estimate was quite broad) was that approximately 500,000 jobs would be lost. Is this trade-off worth it? Does it matter who loses their jobs (for example, if teenage unemployment is significantly increased, is this better than adult unemployment)? Explain your answers.

Reference no: EM131113078

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