Economics Professor on Wage Increase


From speaking with Associate Professor of Economics Rick Fenner earlier today, he emphasized that a moderate increase to the minimum wage wouldn’t cause a reduction in employment, and that the increase to $15 dollars an hour wouldn’t occur until the year 2021.
He says that by adjusting for inflation the current minimum wage is at one of the lowest rates since the 1970’s.
The focus now turns to Albany where legislators are trying to iron out a deal that find common ground to support the governor’s proposal, while also helping areas like small businesses, restaurants and local agriculture.

Fenner adds, “There does have to be legislation signed. And there does appear to be seem to be some negotiations going on. So as with most political issues, while employers would like to see little, if any increase to the minimum wage, and labor groups would like to see the $15 dollar an hour enacted, my guess would be that they will end up with somewhat of a compromise.”

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