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HomeIllinois NewsUnexpectedly: New York’s Minimum Wage Experiment Has Been A Disaster

Unexpectedly: New York’s Minimum Wage Experiment Has Been A Disaster

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The New York Times was super-excited to write on the last day of the year in 2018 over the rise in the state’s minimum wage to $15, which took effect the next day:

Six years after a group of fast-food workers in New York City — earning as little as $7.25 an hour — made the seemingly preposterous demand for a $15 minimum wage, more than one million of their peers will get just that starting this week.

On Monday, the lowest legal wage at most companies that employ more than 10 workers rose by $2, to $15 an hour. Among those whose pay will increase are all fast-food workers as well as more than 25,000 workers at the city’s two airports.

[…]

Organizers thought $10 an hour was a reasonable demand, [wage activist Jonathan] Westin said, but workers were unimpressed. Their attitude, he said, was that “$10 is not going to get me anything. We need to go much higher.”

As it turns out – and as many of us predicted when this movement started – “going much higher” meant prices on goods and services would go up, and that some workers would lose their jobs as a reult.

The Foundation for Economic Education reports.

More HERE

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