About Those 600 Economists Who Support a $10.10 Minimum Wage
Last week, the nonpartisan Congressional Budget Office (CBO) released a report estimating that 500,000 jobs would be destroyed if the minimum wage was raised to $10.10. Suddenly on defense, the White House turned to a list of 600 economists who support an increase in the minimum wage and disagree that it would harm the labor market.
This list of 600 minimum wage-supporting economists (602 to be exact) was organized by the labor union-backed Economic Policy Institute (EcPI), and has been referenced widely by supporters of the policy, including President Obama, Sen. Tom Harkin (D-IA) and The New York Times editorial board. But how credible is the list?
A number of the signers — whether or not they have experience in labor-related topics — have research interests that are considerably outside the economic mainstream. Specifically, at least 40 of the signers are specialists in or have done considerable work in the economics of Marxism or Socialism, or are affiliated with the “radical” study of economics. Predictably, some of these signers have made extreme statements, labeling the United States “the world’s number one rogue,” lauding Hugo Chavez as a “great leader,” or praising the “particular model of socialism pioneered by the Soviet Union.” One of the signers is even a well-known advocate for “9-11 Truth.”
I should note that Team MinimumWage is affiliated with that other EPI, the Employment Policies Institute, an entity which, hmm, does not have argument-ending credibility on the left. To be fair (and balanced) let's say it does not have as much lefty cred as, for example, Media Matters.
Still, Marxist quotes are Marxist quotes and 9/11 Truthers are 9/11 Truthers.