Posted on 02/10/2016 6:09:31 PM PST by BenLurkin
Raising the minimum wage to $15 an hour would benefit 927,400 city workers and pump $6.5 billion into the city's economy, according to state Labor Department report released Wednesday.
The report predicted that Gov. Cuomo’s proposal for a $15 minimum wage would boost wages for 2.3 million workers across the state and generate $15.7 billion for New York's economy through increased consumer spending.
...
Release of the report came a day after state Senate Majority Leader John Flanagan (R-Suffolk County), who has expressed reservations about Cuomo's plan, said Senate Republicans needed more information about the proposal's impact.
A report produced late last year by the Empire Center for Public Policy and the American Action Forum said raising the minimum wage to $15 an hour would cost the state at least 200,000 jobs.
(Excerpt) Read more at nydailynews.com ...
Yeah, OK. Tell that to all of the people that lose their jobs due to increased productivity.
Raising wages, increases expenses for employers, which lead to higher prices paid by consumers, the very same consumers who are the employees receiving the raises.
But, that’s not all, employers are in business for profit, they can only raise prices by the amount the market can bear, leaving employers no choice but to lay off some employees.
Resulting in some employees with higher wages, but the same or worst standard of living, because they are now paying higher prices and higher taxes, and of course some employees unemployed collecting unemployment.
A net negative, unless you’re a politician.
I thought it was Billy Preston?
oops
You’re right.
Still +1
Also suddenly everything costs more for everyone INCLUDING THE GUY WHO JUST GOT A RAISE TO $15 an hour.
Cuomo and the NY Daily News are making a YUGE assumption that every single minimum wage employee would keep their job and not a single business would close because they would all still make a profit under this increase.
It just isn’t so. Many businesses will close or struggle, and those minimum wage employees would get the true minimum wage, $0.00, when their job is GONE.
It’s a good thing economic ignorance isn’t against the law, or all of New York’s public officials would be in jail. Any interference in the right of people to engage in free exchange can only be a burden on the economy.
Make the minimum wage $100/hour and we’ll get a $40 billion boost to the economy!!
That’s magical leftist thinking!!
They are going to be so shocked when they learn that the true minimum wage is zero when employers are forced out of business because expenses now exceed revenue.
If it is so easy to “create” economic activity, why stop at 15 dollars per hour. Make it 50.
paying a higher wage does not create wealth it destroys it.
making a better widget is how you create wealth.
paying a higher wage does not create wealth it destroys it.
making a better widget is how you create wealth.
paying a higher wage does not create wealth it destroys it.
making a better widget is how you create wealth.
And I’ve a bridge in Brooklyn I can sell to the state to help out.
Let me guess, the purple one is a boy unicorn, the pink one is a girl unicorn.
Or are they unisex? Can’t tell from the pics...
Do these loons truly think businesses would willingly stay and fork over THAT kind of money for entry-level workers barely qualified to ask ‘do you want fries with that’? Attempts to artificially raise the minimum wage does nothing but hasten the development of the automation that will put many of these same unskilled workers out of work or bankrupt the businesses that would have otherwise hired them.
Make the Minimum Wage $1000 an Hour and it will create a BILLION GAZILLION QUADRILLION Dollar Economy, really.
Making ANY thing that sells at a profit is how you create wealth.
If you’ve done your job, they stay sold and don’t come back, like homing pigeons. :)
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