Catherwood LibraryILR School

Seventy-five economists have endorsed raising the U.S. minimum wage to $10.10 per hour by 2016 and indexing it to inflation after that. Among the economists, seven have received a Nobel Prize in Economic Sciences. The letter released by the Economic Policy Institute states that the majority of research shows that increases in hourly pay does not negatively affect jobs, even in poorer market conditions. Three other Nobel laureates did not sign the letter. Nearly all economists concede that large, legally mandated increases in wages without mitigating market conditions would negatively employment, but the debate centers on how large an increase is large enough to create noticeable negative effects. In 2012, less than 5 percent of U.S. workers were employed at the federal ;minimum wage, which is less than in 2011.