By 2022, far left California will implement a statewide $15 minimum wage. Because of this nonsense, employers won’t be able to hire as many workers and will be forced to raise prices while also cutting back hours. Now, a study reveals 400,000 jobs will be lost.
From Daily Wire:
On Thursday, the Employment Policies Institute (EPI) released a new study by Drs. David Macpherson of Trinity University and William Even of Miami University that estimated California will lose 400,000 jobs by the time the $15 minimum wage is fully phased-in by 2022.
The study examined the effects of California’s minimum wage increases over the past three decades. The economists found that each 10% increase in the state’s minimum wage triggers almost 5% of jobs in California lost in industries with a larger percentage of lower-paid employees.
More from EPI Online:
… beginning in 2001, California began a practice of increasing its minimum wage at a faster rate than mandated by federal law. In 2001, the California minimum exceeded the federal minimum by $1.10 ($6.25 versus $5.15). The gap between the California and federal minimum fluctuated since 2000 as both the state and federal minimum wages increased. As of 2017, California’s $10.50 minimum is among the highest statewide minimum in the country. Moreover, under current law, California’s will increase its minimum wage to $15.00 by 2022 while the federal minimum is scheduled to remain at $7.25. If current laws remain in effect, this will lead to the largest gap between a state and federal minimum wage in the history of the U.S.
Shame. 400,000 jobs is just the start, though.
Thanks, Golden State!
If a liberal becomes president again in the near future, a $15 minimum wage will be the standard nationwide. Then, unemployment will skyrocket.