Minimum wage hikes: the nail in the coffin for small businesses

I fear for our nation with this undereducated and demagogic band of politicians that are the Democrat Party and its voters. TD

Samantha Fillmore   . . . "Americans desperately hope that in 2021, lockdowns will be lifted. However, that is not a guarantee. Americans also  hope that the new year will bring better economic times and opportunities.

"Therefore, it is unsurprising that some lawmakers are flippantly considering implementing minimum wage increases in a misguided attempt to provide relief to their struggling constituencies.

"However, this is a deeply ineffective way to improve the economy. Moreover, arbitrary minimum wage hikes produce unintended consequences that can inflict even more pain upon the people they are supposed to benefit.

"Minimum wage hikes rarely meet the overinflated expectations of the policymakers who advocate for them. For example, they do not raise the living standards in any appreciable way for individuals and families, yet illogical wage increases have the propensity to shutter small businesses for good.

"A recent study by the Congressional Budget Office, titled “The Effects on Employment and Family Income of Increasing the Federal Minimum Wage,” examines how increasing the federal minimum wage to $10, $12, or $15 per hour by 2025 would adversely affect employment and family outcomes.

"According to the study, a $15 per hour minimum wage would boost the wages of 17 million workers. However, it would also push 1.3 million workers out of a job. In almost every scenario, minimum wage hikes result in some workers seeing their wages rise, while many more lose gainful employment." . . .

How the $15 Minimum Wage Reduces Entry Level Jobs and Closes Small Businesses  

Good luck opening this.