Stiglitz touts the merits of an increased minimum wage
Joseph Stiglitz
A minimum wage increase to $10.10 an hour would increase living standards for up to 25 million people in America without leading to significant job losses or other costs, according to a panel of economists.
Joseph Stiglitz, Lawrence Katz, Heidi Shierholz, and Robert Greenstein discussed a report released Tuesday by the Congressional Budget Office showing that while a minimum wage hike would likely result in wage increases for 16.5 million Americans currently earning the minimum wage, it could also force businesses to cut around 500,000 jobs.
"The CBO analysis underestimated the benefits and overestimated the costs in several respects" said Stiglitz said on a conference call with reporters on Tuesday.
http://www.cnbc.com/id/101425129