De Blasio’s OneNYC: Bad for Business
In one of his most ambitious plans to date, Mayor de Blasio yesterday unveiled OneNYC, a rebranding of the Bloomberg-era PlaNYC. OneNYC marries de Blasio’s assault on income inequality with his dream of making New York the greenest city on the planet. In an unprecedented effort, he is pledging to lift nearly 1 million residents out of poverty. Among numerous other goals, the proposal calls for raising the minimum wage, which de Blasio wants increased from $8.75 to $13 an hour. But the facts show that increasing the minimum wage will hurt the economy and stifle job growth.
The Facts You Need to Know
Minimum Wage Increases Hurt the Overall Workforce: According to a recent study by the National Bureau of Economic Research, increases in the minimum wage were responsible for 14 percent of the decline in working-age employment between 2006-2012. Read more
Teen Unemployment Will Rise: Teen unemployment is four percentage points greater in states with a minimum wage above $8.00 than in states with a minimum wage of $7.25. Read more
Most Make Above Minimum Wage: 97 percent of all Americans already make above minimum wage, thanks not to laws but to free-market forces. Read more
The Past is Present
If New York’s minimum wage is forced up, the main losers are likely to be young, unskilled workers and the businesses that employ them, especially small firms already operating close to the margin.
On The Calendar
The Alexander Hamilton Award was created by the Manhattan Institute to honor those individuals helping to foster the revitalization of our nation’s cities. This year, the winners are George Kelling, co-author of the Broken Windows Theory, and Eva Moskowitz, Founder and CEO of Success Academy Charter Schools. Click to purchase tickets.
And in other news...
Two chimps will have their day in court — thanks to an order by a Manhattan judge that has animal rights groups going bananas.