A new research report from Wall Street titan Morgan Stanley suggests that a phased in $15 minimum wage would have minimal negative or positive effects on employment but would lift millions of Americans out of poverty. Republicans, and even some democrats, have suggested that the job losses associated with a robust raising of the federal minimum wage are too risky, but Morgan Stanley shoots that argument down. From the report:
“The wealth of research points to no definitive conclusion on the impact higher wages have on employment. However, it is evident that that the impact to employment, positive or negative, would be minimal, while the social benefits to lifting real wages of lower-income earners and millions out of poverty are substantial.”
It goes without saying that Morgan Stanley is not a left leaning think tank aligned in solidarity with people like Bernie Sanders or the Democratic Socialists of America, though in this instance it appears their perspectives match up quite well. If this isn’t enough to whip Democrats like Joe Manchin and Kyrsten Sinema in line then maybe they should switch political parties. It’s time Democrats in the Senate get behind a living wage for working people and pass the Raise The Wage Act, with or without Republican support. Change the rules of the filibuster with common sense reforms and put a $15 minimum wage up for a vote. It’s long past time to do so.