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Minimum-Wage Hikes: A Feel-Good Lie That Destroys Jobs And Minority Kids' Futures

started by on May 12 2017 – Last touched: Sep 08 2017

May 12 2017 09:54 am    

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.

http://www.investors.com/politics/editorials/minimum-wage-hikes-a-feel-good-lie-that-destroys-jobs-and-minority-kids-futures/

Sep 08 2017 07:10 am

Good to see you drop in Randolf! sorry I missed you. Been super busy with "Dad" stuff lately.

I agree with what you are saying here but I have to add that there is more to this situation. There is another level to consider first… What we are debating in all this is how to treat the "symptoms" of a failed economy when we should be curing the "disease". The true root problems and disease are taxes, fractional reserve banking, and the purchasing power and value of the dollar.

2 dollars an hour is good pay if 2 dollars will buy you two wheelbarrows full of goods instead of it costing 15 dollars for only one wheelbarrow of goods. And this is an issue for not just an entry level employee, it goes up the chain to employers, vendors, and manufacturers. This affects everyone in an adverse way and we need to go back to the Gold/Silver standard and stop printing counterfeit money that has nothing tangible to back it up.

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