DENVER BUSINESS JOURNAL - Two new reports are pushing back on the idea that an increase in Colorado’s minimum wage would result in the loss of a significant number of low-paying jobs.
University of Denver and Colorado Women’s College released a study Tuesday suggesting that raising the minimum wage to $12 an hour by 2020, whichi is proposed in a November ballot measure, would grow the state’s gross domestic product by $400 million and increase incomes for 20 percent of the households in the state. The proposal would create only a minimum number of job losses because the higher-paid workers will increase company productivity and revenue, the study’s authors say.
Meanwhile, the liberal Colorado Fiscal Institute put out a rebuttal to an earlier study done for the Colorado Business Roundtable (COBRT) that argued that employment in Colorado would fall by 90,000 positions and the lowest-paid workers that the proposed constitutional amendment purported to help would get hit hardest by those layoffs.
CFI economist Chris Stiffler argued that the COBRT report chose to highlight only studies that showed significant job losses rather than the large volume of studies showing minimal to no job losses from previous minimum-wage hikes.
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