Governor Cuomo’s announcement that he would raise the minimum wage for state employees to $15 an hour was greeted with applause by government workers and public sector union leaders. Earlier this year, New York passed a bill to gradually increase the minimum wage for fast food workers to $15, and it’s clear that Cuomo is aiming to extend the $15 minimum to other industries. But employers across the state have said that a higher minimum will kill jobs.
The Facts You Need to Know
Askew: At $15 per hour, the minimum wage would equal 76% of the statewide median wage, a ratio that will distort the job market to the detriment of low-skilled and younger workers. Read more.
Reduction in Force: A $15 minimum wage could cost New York State at least 200,000 jobs. Read more.
No Help Wanted: Minimum wage laws keep youth unemployment high and impose barriers to entry for start-up businesses. Read more.
“It is not a breakthrough on the frontiers of knowledge that minimum-wage laws reduce employment opportunities for the young and the unskilled of any age. It has been happening around the world, for generation after generation, and in the most diverse countries.”
The Past is Present
Union bosses and liberal politicians like to argue that raising the minimum wage will help lift people out of poverty. But the facts, as numerous studies have amply demonstrated, utterly contradict this notion, and consequently a broad range of economists and policy makers have long ago rejected it.
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