Fed Chair Yellen: Minimum wage hike to have negative impact on jobs

CNBC, with Reuters ^ | 5/8/14 | Staff

[Nachum]

In testimony before a Senate committee on Thursday, Fed Chair Yellen said a minimum wage increase would likely have some negative effects on jobs, though it´s not clear how large. Still, boosting the federal minimum wage, which has remained at $7.25 per hour since mid-2009, would benefit some people, she added. In recent months, the federal minimum wage has been a hot-button issue. In February, President Barack Obama boosted the minimum pay for federal contractors hired in the future to $10.10 per hour. He´s also voiced his support for the federal level for all workers to rise to $10.10 from

[Red in Blue PA]

[Jack Hammer]

In other news, they sky remains blue, water is still wet.

[fhayek]

Still, boosting the federal minimum wage, which has remained at $7.25 per hour since mid-2009, would benefit some people, she added.

Sure, and lowering the age of consent would benefit some people too, but that is not necessarily the basis for good policy.

[GeronL]

The other day she sounded like a commie

[Intolerant in NJ]

Fed Chair Yellen: Minimum wage hike to have negative impact on jobs...yeah, right - last fall voters in this state in their infinite stupidity voted to raise the minimum wage to something like ten dollars an hour over several years - already this spring we are seeing complaints from businesses along the Jersey shore - summer tourism is our biggest source of income - that they won't be hiring as many workers this summer - usually school kids on summer breaks - because it will be too expensive - and what are the politicians saying? - they want to lower taxes on those businesses so they can afford to continue to hire as many as before - the next step I predict will be to try to raise taxes on "the rich" to balance what was lost via these proposed cuts - one way or another, raising the minimum wage is just one more scam in the campaign to redistribute "wealth"......

[C210N]

boosting the federal minimum wage... would benefit some people, she added...

Yes indeed. Union workers under contracts tied to it.

[hondact200]

Does a Bear Poop in the Woods? Are Politicians truly like a diaper, dirty and need to be changed often?

[cashless]

Memo to: Janet Yellen
Memo from: His Imperial Majesty Comrade El Presidente Caliph Sheik Obama the First Emperor of the Transformed Amerika.

Damn it woman. Stick to the script! Quit sounding like a capitalist. You gave that up to be head of the Federal Reserve. Go make another bubble somewhere so I can blame it on Bush.

[Georgia Girl 2]

Tell it to the Dems Janet.