Sorry, Paul Krugman, the minimum wage won’t magically cure poverty.
“In a National Bureau of Economic Research paper published last December, University of California-San Diego professors Jeffrey Clemens and Michael Wither found that increases in the minimum wage were responsible for 14 percent of the decline in the percent of the working-age population employed between 2006 and 2012.
Minimum-wage increases significantly reduced the probability of low-skill workers reaching the middle class.
Clemens and Wither looked at the change in the minimum wage across states that had different minimum-wage laws...
The professors found that a minimum wage increase substantially reduced employment. By the second year after the 7.25 minimum wage, the authors estimated that employment of low-skill workers had declined by 6 percentage points, or 8 percent more in states with the binding federal minimum wage than in states with a higher minimum wage.
IF YOU WANT TO REDUCE EMPLOYMENT, RAISE THE MINIMUM WAGE !!!