So the conclusion is not much of a conclusion. Increasing the minimum wage involves a tradeoff (a small one at that) do we sacrifice 500,000 jobs for a net increase of $2 billion in real income? Is it better to have more jobs or fewer, better paying jobs? Either way this provides further evidence that an increase in the minimum wage is not the answer to combat the rising levels of income inequality. The benefits of a higher minimum wages are far lower than those touted by liberals. But the costs are also significantly lower than those proclaimed by conservatives. Of course, neither party wants to admit that they are exaggerating the truth.
I did a google search on the phrase: CBO report on higher minimum wages, and was interested to see the message espoused by news organization. Here are screen shots of the headlines in order of conservative, liberal, and neutral:
Conservative commentary (I focused on articles that emphasized the negatives, i.e. job losses)
Liberal Commentary (I focused mainly on articles that emphasized the positives, i.e. income growth)
Most mainstream new organizations reported relatively neutral headlines. I did not read each and every article and cannot comment on the content within each article. For the most part Fox News (perhaps most surprising), NY Times, CNN, WSJ, Washington Post, PBS, and Al Jazeera used neutral headlines. Whereas CNBC, FoxBusiness, Christian Science Monitor, News Max, NY Daily, Washington Times, The Hill, and Barrons lead with more conservative leaning headlines. Those with more liberal headlines were Huffington Post, Fiscal Times, NPR, and Politico.