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A new paper released Monday says that property crime rates would increase significantly among 16-to-24-year-olds if the minimum wage was increased to $15 an hour, leading to $2.4 billion damage, the Washington Free Beacon reported.
This information contradicts findings by Barack Obama’s Council of Economic Advisers in 2016, which stated that raising the minimum wage would reduce crime rates.
Wage - Increases - Property - Crime - Arrests
“Instead, we find that raising the minimum wage increases property crime arrests among those ages 16-to-24,” the authors of the study wrote.
“Myriad factors determine whether or not people choose to commit crimes, including economic ones. Access to jobs, steady income, and education, can all influence whether or not a person begins a career as a criminal,” Charles Fain Lehman wrote for The Washington Free Beacon.
Implication - Policymakers - Crime - Addition - Interventions
“This has a practical implication for policymakers looking to reduce crime: In addition to expensive interventions like increasing incarceration or the number of cops, enhancing labor market access and outcomes might be an effective approach.”
But, according to the study, the minimum wage hikes don’t end up enhancing labor market access.
Council - Economic - Advisers - Minimum - Wage
While the Council of Economic Advisers found in 2016 that increasing the minimum wage to $12 would create enough wealth at lower economic strata to eliminate 250,000 to 510,000 crimes, the authors of the new study — Zachary S. Fone, Joseph J. Sabia, Resul Cesur of the National Bureau of Economic Research — say that there’s a flaw in that the Council of Economic Advisers’ approach.
“Although the minimum wage increases take-home wages for some workers, it also leads to reduced hours and job loss among workers,” Lehman reported.
Level - Market - Value - Labor - Floor
“This is especially true for those whose skill level who puts the market value of their labor below the floor imposed by the minimum wage — a situation which increasingly encourages the replacement of people with robots.”
Do you think that a $15 minimum...
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