$15 Minimum wage = fewer jobs, fewer hours and higher prices

$15 Minimum wage = fewer jobs, fewer hours and higher prices

Bottom Line: In one of the least surprising studies ever, for those who understand economics and business, we have proof that dramatically raising the minimum wage essentially hurts everyone. A study conducted by workplace software company Harri, of its clients in the restaurant industry (173 companies), found that cities and states which have phased in large minimum wage increases have led to the following results...

  • 71% raised prices
  • 64% reduced employee hours 
  • 43% eliminated jobs

Only 23% of companies in the study didn’t offset the increase with a negative change in their business for either customers, employees or both. What’s even more alarming is that while many cities and states have passed $15 per hour minimum wages that’re currently being phased in, we’re still nowhere close to $15 anywhere yet (Washington D.C. has the current highest at $13.25) and already that much damage has been done.

This is confirmation of what I and many others have stated for years about these artificial mandates. They cause more harm than good. What’s worse is that often those working in food service industries are young, unskilled and in need of opportunity. By reducing hours and eliminating jobs to attempt to deal with artificial government mandates – those most commonly hurt in the workforce are often those most vulnerable and in need of opportunity as well. It’s likely I’m the only person you’ll hear this from today because there aren’t many people in media who understand business and even fewer who would share this type of information due to their own political interests. It’s a critically important issue in today’s society that’s filled with politicians attempting to take advantage of ignorant voters. Please take, read, listen and share this story. The more you know...

 

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