This week's IGM Economic Experts Panel statements:
A) By providing important measures of US economic performance — including employment, consumer prices, wages, job openings, time allocation in households, and productivity — the Bureau of Labor Statistics creates social benefits that exceed its annual cost of roughly $610 million.
B) Cuts in BLS spending would likely involve net social costs because potential declines in the quality of data, and thus their usefulness to researchers and decision makers, would exceed any budget savings.
Keyword: labor market
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This week’s IGM Economic Experts Panel statements:
A) If the federal minimum wage is raised gradually to $15-per-hour by 2020, the employment rate for low-wage US workers will be substantially lower than it would be under the status quo.
B) Increasing the federal minimum wage gradually to $15-per-hour by 2020 would substantially increase aggregate output in the US economy.
This week’s IGM Economic Experts Panel statements:
A: The average US citizen would be better off if a larger number of low-skilled foreign workers were legally allowed to enter the US each year.
B: Unless they were compensated by others, many low-skilled American workers would be substantially worse off if a larger number of low-skilled foreign workers were legally allowed to enter the US each year.
This week’s IGM Economic Experts Panel statements:
A: Raising the federal minimum wage to $9 per hour would make it noticeably harder for low-skilled workers to find employment.
B: The distortionary costs of raising the federal minimum wage to $9 per hour and indexing it to inflation are sufficiently small compared with the benefits to low-skilled workers who can find employment that this would be a desirable policy.
This week’s IGM Economic Experts Panel statement:
Claims by incumbent presidents and challengers about how many private-sector jobs can be created in a four-year period by sector-level or other targeted policies should be viewed as rough guesses, because overall macroeconomic conditions drive aggregate employment in ways that dominate any net effects of polices that focus on specific industries or households.
This week’s IGM Economic Experts Panel poll statement:
One of the leading reasons for rising U.S. income inequality over the past three decades is that technological change has affected workers with some skill sets differently than others.
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