Seattle’s new minimum wage of $15 an hour hasn’t even gone fully into effect yet but the policy is destroying the city’s job market.
The New York Post reports:
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How the $15 wage is already killing Seattle jobs
Attention, Gov. Cuomo: It’s time to rethink your “fight for $15.”
Spiking the minimum wage statewide may appeal to a Democrat eyeing a future run for national office. But it’s a bad idea for New York.
Don’t believe us? Look how it’s working out in real life at a town already en route to a $15 minimum — Seattle.
An American Enterprise Institute report sums up the results.
Spoiler alert: It’s not pretty.
Seattle passed its $15 law in June 2014. Starting last April, it raised the minimum from $9.32 (the state minimum wage) to $10 for certain business, $11 for others.
Increases to $12, $12.50 and $13 an hour began taking effect for most employers this Jan. 1. The jumps will continue until the minimum hits the full $15 an hour in 2017 for some before it’s universal in 2019.
Yet even the early impact is harsh.
The AEI study, worked up from Bureau of Labor Statistics’ monthly surveys, shows that, between April and December last year, Seattle saw the biggest employment drop in any nine-month period since 2009 — a full year into the Great Recession.
Chalk this up to the Bernie Sanders theory of economics.