The president of the Federal Reserve Bank of Minnesota, Neel Kashkari, blasted claims of a labor shortage by telling employers they must raise wages.
When asked about issues with wages, Kashkari blasted businesses for complaining about labor shortages, citing concerns about their reluctance to raise wages to attract more workers.
Kashkari offered those in attendance a thought experiment on the minimum wage.
“I’ll give you a simple thought experiment: If you don’t think raising the minimum wage makes it harder for someone to find a job, why stop at fifteen?
Recent statistics from the Bureau of Labor Statistics revealed that wage growth is slow in industries concerned with labor shortages.