President Barack Obama's forcible raising of the minimum wage for federal workers will end up hurting the job market, according to Sean Davis, cofounder of The Federalist magazine and COO of Media Trackers.
"If you have a price for something, in this case the minimum wage, you're going to end up with higher unemployment because employers are just going to demand less labor if you're going to artificially raise the price of it," Davis told George Marlin, guest host of "The Steve Malzberg Show" on Newsmax TV.
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"The vast majority of economic research out there confirms the commonsense judgment that says, look, if you make something more expensive, people are going to want less of it.
"There's going to be less work available, fewer hours, fewer employees or you're going to see prices -- those hikes passed on to consumers in the form of higher prices.
"I tend to think, and most of the research out there says, you see a much greater employment effect than you'd see a price effect, which means that you're likely to see a lot more people lose their jobs or lose hours than you will see prices going up."
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