White House economic adviser Larry Kudlow on Thursday said he would oppose any deal that would raise the federal minimum wage.
“My view is no. My view is a federal minimum wage is a terrible idea, and will damage, in particular, small businesses,” he said when asked about the prospect at a Washington Post event.
Democrats have pushed for increasing the federal minimum wage to as much as $15 an hour, over double its current rate of $7.25.
“Today, a full-time minimum wage worker is unable to afford to rent a small, two-bedroom apartment anywhere in the United States. Republicans’ failed trickle down policies have left the American people with a raw deal, jeopardizing our children’s future and the future of our economy,” House Minority Leader Nancy Pelosi (D-Calif.) said in a July statement marking nine years since the last minimum wage hike.
Kudlow said he opposed the federal minimum wage because state and local economies were so varied, and a one-size-fits all approach would not work, but he also said that he opposed minimum wages at the state and local level.
Kudlow argued that the best way to help ordinary workers was to cut corporate taxes. Workers wages have remained largely stagnant in recent years, though monthly wage data spiked in the last quarter according to new government data.
Economists are divided on minimum wages. Some argue that they lead to lay-offs and concentrate the benefits among the lucky employees who still have jobs, while others say that moderate increases over time can have significant, positive benefits for the lowest-paid workers.
BY NIV ELIS – 11/01/18