Saturday, June 6, 2015

Survey: $15 Minimum Wage Could Shutter 1 in 5 NY Fast Food Joints

Got your protective gear ready to read about the brightest economic/social scientists we've got?

So what if it throws many out of jobs?
New York Gov. Andrew Cuomo’s (D.) promised minimum wage hikes for fast food restaurants could shut down one out of every five chain restaurants in the state, according to a new survey.
The Employment Policies Institute, a free market think tank and critic of minimum wage hikes, surveyed nearly 1,000 self-described fast food entrepreneurs about how they would respond to statewide, industry-specific wage hikes. More than 20 percent of respondents said they were “very likely” to go out of business if the state raises the minimum wage for fast food joints to $15, a 70 percent increase from the current $8.75 statewide minimum wage.
Such a hike could spur higher costs for customers and reduced employment opportunities and hours for workers. Business owners responded overwhelmingly that such policies would hurt the very workers that Cuomo and activists claim to want to help.
Thank You Free Beacon and Nick. 

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