Posted on 05/12/2017 3:45:42 AM PDT by IBD editorial writer
Minimum Wage: Once again, another city self-righteously imposes a minimum-wage hike on private employers. And once again, it finds out it's a business- and job-killer — and only boosts pay for a handful of people. This time it's the Big Apple, New York, that's discovering the ugly truth. But don't feel left out: Your town may be next.
In "Minimum-Wage Boost Squeezes New York City Restaurants," the Wall Street Journal notes that restaurants "are being pinched" by the increase in the minimum from $9 an hour to $11 an hour at the start of this year. Sure, that doesn't sound like much, but it's in fact a 22% increase on restaurants' most basic employee costs.
And guess what? $11 an hour becomes $13 an hour at the end of this year, another 18% rise.
"In the five months since the $11 hourly wage took effect," the Journal said, "several well-known restaurants have closed or announced plans to do so." And more closures are on the way.
It's true that, as minimum-wage proponents claim, New York is unlikely to suffer horribly from recent minimum-wage hikes. With the boom on Wall Street in recent years, the restaurant industry right now is mostly doing fine.
Moreover, wages in New York are already high, so the actual impact will be limited in terms of the number of employees affected. Prized workers at many restaurants often make much more than the minimum calls for.
(Excerpt) Read more at investors.com ...
They should make it $100 an hour so everyone can buy their own mansion.
Even $15 an hour will see companies hiring Americans again, as there is no savings in hiring minorities with limited English skills or crappy work ethics.
That’s the intention. The genius of the Democrat party is the message that they are lifting up the oppressed while making sure that actually are making sure that the downtrodden are permanently dependent on big government Democrat programs.
Not true. It's far worse than that. It's a cynical move by left wing power hungry zealots who KNOW they're hurting the poor, but do it anyway so that their union buddies will give them more money.
Minimum wage supporters presume that employers have a moral duty to pay low-productivity employees more than they add to the bottom line. Maybe if they were responsible for their low productivity and lack of employment options, as under slavery or feudalism, but hardly the case today.
You guys just don’t understand, all these people affected by our job killing plans will become dependent’s of Government Benefits, which means they will have to vote for us demonrats for their very subsistence. This is nothing more than a Voter recruitment plan for Demonrats
There are those who are certainly very low wage,but are mainly affected by this minimum wage increase in the form of ever increasing prices. We have no defense against this with fixed wages & no hope of an increase of any significance any time soon. I’m talking social security recipients here who have no other income. However,most are older folks who generally aren’t voting Democrat anytime soon.
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Not true. It’s far worse than that. It’s a cynical move by left wing power hungry zealots who KNOW they’re hurting the poor, but do it anyway so that their union buddies will give them more money.
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IMO, worse is you have the typical (R), whom couldn’t articulate how to boil and egg, bringing up the rear with, “But, but ‘I’ support it *TOO*....”.
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