For those of you who are still supporting the $15 minimum wage (are there any of you out there), you should probably know this – the wage hike is completely DESTROYING Seattle, who implemented the change to only $13 within the last year.
The study published in the National Bureau of Economic Research found that the city’s wild hike in the wage to $13 last year caused employers to cut hours, layoff workers, and eliminate jobs
In fact, the higher wage actually cut employees’ salaries by lowering their take home pay by $125 a month, the Blaze noted.
But that isn’t the worst of it. Not only did many workers lose their jobs and others have their take home pay cut, but the study also found that the higher minimum wage cost the city an additional 5,000 jobs that would have been created if businesses could have expanded at the rate seen before the new wage was forced upon them.
If this is the kind of thing we are seeing in just one city, then imagine having this happen to the entire country, all at once. The minimum wage may need to be increase, but having it be doubled in an instant could be extremely harmful to our economy.
What do you think? Let us know in the comments.