Minimum wage: thanks to economic illiterate Progressive politicians, others are paying the price - Granite Grok

Minimum wage: thanks to economic illiterate Progressive politicians, others are paying the price

Minimum wage hikeMinimum wage is a bugaboo of mine – I think that government should simply stay out of the wage marketplace, especially that of not allowing for private contract between producers (those providing the labor, skills, and motivation) and consumers (companies willing to pay for that labor).  We are now seeing a real life economic lab experiment in Seattle, Sea-Tac, San Francisco, and now NYC where finanical idiots have put a socialist ideology ahead of sound financial knowledge.  Thank a Progressive and their micromanagement of OTHERS property and procedures – they are costing people their livelihoods and businesses:

NYC Minimum Wage Law Forcing Higher Prices and Restaurant Closures

An increase in the New York City minimum wage is forcing some restauranteurs to either close up shop or raise their prices. According to a report from The Wall Street Journal, New York City restaurants are suffering as a result of a two dollar increase in the minimum wage that took place at the end of 2016.

“It’s going up too fast,” said Jeremy Merrin, the owner of a chain of Cuban restaurants. Merrin said minimum wage increases forced him to close two of his New York City locations and raise prices at his others. “We can’t catch our breath,” he added. Angelica Kitchen, long a staple of the East Village, closed their doors after 40 years of operation in response to the increased cost of labor mandated by the new wage policy. “I felt like I was being regulated in a way that took certain choices away from me that I felt belonged to me, rightfully, as a business owner,” owner Leslie McEachern said.  “I’m not trying to undercut or underpay anybody, but I also don’t know what’s coming down the pike.”

Those are just two anecdotes – and the Progressives are fine with doubling down:

Despite the negative effects of December’s increase, minimum wages in the city are set to increase again by another two dollars at the end of 2017.

…A study of the effect of minimum wage policies on restaurant employment revealed that minimum wage policies hinder job creation. After Seattle increased the city’s minimum wage from $11 to $15, they saw a 900 job drop in overall jobs in the restaurant industry. At the same time, the state of Washington, whose minimum wage remains at $11, saw consistent job creation in the restaurant industry, adding 6,200 jobs over the same time period.

(H/T: Breitbart)

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