Uh Oh! Study Shows #FightFor15 HURT California Economy...
Oh, California. I'm not one to say I told you so. But do you not read (see #FightFor15: Research Shows Seattle’s Minimum Wage Hike Was a Huge Mistake… and #FightFor15 Backfires MAJORLY: Wage Hikes Cause Mass Job Loss)?
Granted we're not How to Live at Social Justice Without Really Succeeding. But plenty of nonpartisan sites have pointed out that when you make it more expensive for small businesses to operate, they hire less people. That's if they even stay in business in the first place. All this translates to LESS people having jobs.
400,000 less, according to one study. Yes, that's a 4 with five zeros after it.
California reached a deal on legislation to raise the state minimum wage across all businesses to $15 per hour by 2023, a move that could cost the state hundreds of thousands of jobs, according to a new report.
A study conducted by the Employment Policies Institute (EPI), which analyzed employment trends from 1990 through 2017, found that each 10% increase in the minimum wage in the Golden State has resulted in a corresponding 2% decline in employment for affected employees. The impact was larger, 5%, for lower-paid workers. By those estimates, the EPI projects that the pending $15 minimum wage hike would cost California 400,000 private sector jobs, with heavy losses in both the foodservice and retail sectors.
While the EPI acknowledges that real firms could “respond to higher minimum wages in ways that cause divergent effects,” it says “what is not in dispute” is that “rising minimum wage has depressed employment opportunities in the most heavily-impacted industries.”
So that's rather embarrassing for leftists.
Here's a quick question. At what point do the unemployed stop voting for the people passing the laws which leave them unemployed?
Take it away, Bernie...