Katharine Abraham concerned about minimum wage push
Vice President Joe Biden recently showed his support for New York City Governor Andrew Cuomo at an event that introduced the city’s new $15 minimum wage policy for employees of fast food restaurants. The White House previously supported an increase in minimum wage by pushing for a $10.10 minimum in 2014, aided at the time, by a letter from economists including Faculty Associate Katharine Abraham, who expressed their support for this policy.
When asked about the possibility of a $15 minimum wage by Bloomberg, Dr. Abraham was more reserved in her assessment of this policy, as she was “concerned about what a $15 minimum nationwide would do to employment.” She was not alone in voicing this skepticism; another signatory of the aforementioned White House letter, Dr. Harry Holzer, has viewed $15 minimum wage as “extremely risky.” While both unions and Democrats appear enthusiastic, economists remain cautious and tight-lipped in their support for the widespread adoption of this new minimum wage standard.