New York City’s new minimum wage is $15 an hour. For the rest of the state, its $11.10 an hour. Pity the small business just inside city limits, facing competition from Long Island, just a few hundred feet away.
Tag – Minimum wage
It’s easy to think of only the rosy side of Barack Obama’s plan to raise the minimum wage. People we know would suddenly have more income. But that money has to come from somewhere. It just doesn’t magically appear in the economy. Businesses already stressed over the added expense of Obamacare would have even smaller profit margins. And if the pay of McDonalds’ workers goes up, so do the prices, making Happy Meals and other products less affordable to the lower economic portion of the fast food company’s customers. Translation — with fewer customers, jobs are cut.