Here’s the Forbes article where the quote comes from, where he is talking about increasing the earned income credit to more people who make less money in order to increase their income without upsetting the Apple cart. He talks about reasons why increasing the minimum wage would cause more problems than it would solve.
He might know more about the economy and how businesses would react to a $15 minimum wage hike then a lot of other people do. His arguments should be listened to; not just summarily dismissed because people don’t like them.
(Personally, I don’t think the earned income credit idea helps quite enough. But it may be a helpful first step. I am afraid that using welfare as a slapdash rigged guaranteed income for single income minimum wage households may be as good as we get until the boomers die out.)
