It’s not a hard concept to grasp.
If the minimum wage is increased around the nation, workers’ hours are decreased and businesses are forced to stop hiring while also raising their own prices.
It hurts everyone.
Some people just still don’t understand.
From Daily Caller:
House Democrats’ proposal to raise the federal minimum wage to $15 per hour would most likely leave 1.3 million Americans jobless by 2025, according to a study released Monday by the nonpartisan Congressional Budget Office (CBO).
Noting a “considerable uncertainty” about the impact a $15 per hour minimum wage would have on employment, the CBO estimated that “there is about a two-thirds chance that the change in employment would lie between about zero and a reduction of 3.7 million workers” by 2025, with the median estimate being 1.3 million jobless Americans.
On the upside, 17 million workers would see their wages rise under the policy, which would push an estimated 1.3 million Americans above the poverty line.
But prices for goods would rise across the board because businesses would have to force their higher labor costs onto consumers, the CBO noted.
New York City, a progressive wasteland with a far-left mayor in Bill de Blasio, is now feeling the effects in a major way.
From Daily Wire:
Democrats continue to insist American cities should increase the minimum wage to at least $15 an hour, even as the progressive cities that have done so have been a model for the job losses that will come as a result of the policy.
The latest example comes from New York City, where an online survey from the New York City Hospitality Alliance – which represents NYC restaurants – found the wage increase has hurt restaurant workers who were supposed to be helped by the higher minimum wage.
The New York Post reported last week that the survey found job losses due to the policy. Andrew Rigie, NYCHA’s executive director, told the Post that in 2018, “full-service restaurants recorded a 1.6 percent job loss, which is the first recorded annual loss in two decades.”
The survey also found that nearly one-third of respondents planned to “eliminate jobs” and a majority would raise prices due to the increased minimum wage, which took effect on December 31, 2018.
Democrats are all about their minimum wage hikes.
For some reason, they think throwing money at a problem will solve all the problems. And yet, that seems to never work.
A new study is now saying a wage spike to $15 hourly would cause 400,000 new crimes per year.
From Free Beacon:
A $15 per hour minimum wage would lead to $2.4 billion in property crimes, a new paper released Monday argues.
The paper directly contradicts past arguments, most prominently from the Obama-era Council of Economic Advisers, that raising the minimum wage would reduce crime rates. Rather, the authors find, an increase to the minimum wage drives up property crime rates among 16-to-24-year-olds, the group most likely to be working for minimum wage already.
Myriad factors determine whether or not people choose to commit crimes, including economic ones. Access to jobs, steady income, and education, can all influence whether or not a person begins a career as a criminal. This has a practical implication for policymakers looking to reduce crime: In addition to expensive interventions like increasing incarceration or the number of cops, enhancing labor market access and outcomes might be an effective approach.
This insight is the basis for an argument put forward by the Council of Economic Advisers under then-President Barack Obama in 2016. As part of a broader overview of economics and the criminal justice system, the CEA conducted a “back-of-the-envelope” analysis and concluded that raising the minimum wage to $12 by 2020 would cut the crime rate by 3 to 5 percent—equivalent to 250,000 to 510,000 crimes.