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Business/Finance
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Title: Minimum Wage Hikes Will Lead to 1.8 Million Job Losses
Source: [None]
URL Source: http://freebeacon.com/issues/report ... l-lead-1-8-million-job-losses/
Published: Feb 5, 2017
Author: jj
Post Date: 2017-02-05 09:52:17 by HAPPY2BME-4UM
Keywords: None
Views: 946
Comments: 8

Minimum wage increases over the next several years will result in 1.8 million job losses, according to a report from the American Action Forum.

By July of this year, 22 states and the District of Columbia will have implemented minimum wage increases. In just 2017 alone, wage increases will lead to 383,000 job losses.

While the goal of increasing the minimum wage is to increase earnings for low-income individuals, the report finds that the additional earnings transferred from the job losers to the job keepers is minimal. For example, minimum wage hikes are projected to increase earnings by only $6,900, which would be split among all employees affected by the increase.

"While proposals to raise the minimum wage are well intended, it is important to consider the negative labor market consequences," the report states. "A 10 percent increase in the real minimum wage is associated with a 0.3 to 0.5 percentage-point decline in the net job growth rate."

"As a result, three years later employment becomes 0.7 percent lower than it would have been absent the minimum wage increase," the report states.

In just 2017, minimum wage increases will lead to 1,000 eliminated jobs in Vermont to 109,000 job losses in New York. If all future minimum wage increases are taken into account, those job losses increase to 3,000 in Vermont and 433,000 in New York.


http://freebeacon.com/issues/report-minimum-wage-hikes-will-lead-1-8-million-job-losses/

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#1. To: HAPPY2BME-4UM (#0)

Minimum Wage Hikes Will Lead to 1.8 Million Job Losses

The reply to this is very simple.

If there were NO minimum wage laws, would wages go up or down?

Cynicom  posted on  2017-02-05   10:04:31 ET  Reply   Trace   Private Reply  

Employers will pay what the market tells them to pay in order to hire and retain the kind of employees that they want in their business.

Mandated minimum wages have always, and will always, be a bad idea for everyone over the long haul.

“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken

Lod  posted on  2017-02-05   10:06:39 ET  Reply   Trace   Private Reply  

Not to worry sheeple, your lord and god, Tramp, will cut min wage 1/2 by EO and save all the jobs

Darkwing  posted on  2017-02-06   8:02:28 ET  Reply   Trace   Private Reply  

Employers will pay what the market tells them to pay in order to hire and retain the kind of employees that they want in their business.

That is altruistic in concept and has never worked, we have a long sad history of serfdom that denies the entire concept.

We cannot ever forget our own history of slavery in our recent past.

The test of that theory remains, no wage laws, would wages go up, down or remain the same???

Cynicom  posted on  2017-02-06   9:50:19 ET  Reply   Trace   Private Reply  

Employers will pay what the market tells them to pay in order to hire and retain the kind of employees that they want in their business.

Slave holders bid on their workers; they paid top dollar for the best and not so much for the worst. Same is true today in the job market. imo

“The most dangerous man to any government is the man who is able to think things out... without regard to the prevailing superstitions and taboos. Almost inevitably he comes to the conclusion that the government he lives under is dishonest, insane, intolerable.” ~ H. L. Mencken

Lod  posted on  2017-02-06   10:13:13 ET  Reply   Trace   Private Reply  

If there were NO minimum wage laws, would wages go up or down?

That is the only question that matters.

"Have Brain, Will Travel

Turtle  posted on  2017-02-06   10:46:45 ET  Reply   Trace   Private Reply  

Slave holders bid on their workers; they paid top dollar for the best and not so much for the worst.

Slavery has always been repugnant to me.

My question is still open, without a minimum wage law would wages go up, down, or remain the same????

I recall the actions of employers during WWII quite well.

Cynicom  posted on  2017-02-06   12:14:05 ET  Reply   Trace   Private Reply  

That is the only question that matters.

Having been used and abused by employers, as a child and young adult, I have no illusions about the benevolence of employers.

Cynicom  posted on  2017-02-06   12:27:57 ET  Reply   Trace   Private Reply  

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