Seven Nobel Prize-winning economists endorse increase in minimum wage

Dozens of top economists, including seven winners of the Nobel Prize for economics, have signed a letter approving of Democrats’ bid to raise the minimum wage.

Addressed to congressional leaders, the open letter organized by the left-leaning Economic Policy Institute recommends legislation introduced by Sen. Tom Harkin, D-Iowa, and Rep. George Miller, D-Calif., that would increase the federal minimum wage from its current $7.25 hourly rate to $10.10, indexed to increase with inflation.