Why a $15 minimum wage won't unleash jobs Armageddon

The economic effects of a $15 minimum wage, explained

Minimum wage rally in New York.
(Image credit: Andrew Lichtenstein/Corbis)

In a few years, it will be illegal to pay almost one-in-five American workers less than $15 an hour. That's thanks to two minimum wage laws just passed by New York and California, which will phase in the new threshold between now and 2022. This has lots of economists and pundits — even ostensibly liberal ones — all aflutter that these states are leaping dangerously into the unknown.

So are they? Recent work by economists at UC Berkeley suggests not.

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.