The following post appeared as a press release from the University of Illinois News Bureau at this link.
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CHAMPAIGN, Ill. — Raising the minimum wage in the state of Illinois to $10 per hour would reduce income inequality, increase consumer demand and grow the state economy, according to a new study from a University of Illinois labor expert.
Robert Bruno, a professor of labor and employment relations on the Urbana campus, says increasing the minimum wage from its current rate of $8.25 per hour would have a substantial stimulative effect on the state economy but not much of an effect – positive or negative – on employment.
“We analyzed the impact that raising the minimum wage has on employment, hours and income, and concluded that it’s the best way to reduce wage inequality, grow the state economy and ensure that workers are paid a wage that’s commensurate with the cost of living,” said Bruno, also the director of the Labor Education Program in Chicago. “And most importantly, we found that raising the minimum wage would have no discernible negative effect on total employment.”
Bruno and study co-author Frank Manzo IV, the policy director of the Illinois Economic Policy Institute [@IllinoisEPI], also advocate for a host of other public policy recommendations, including: Continue reading “Paper: Raise State Minimum Wage to Stimulate Illinois Economy”