- Sep 19, 2011
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A Heritage Foundation analysis from 2016 estimated that a $15 federal minimum wage would wipe out 7 million jobs. Hardest hit would be workers, businesses, and economies in areas with low costs of living. (like Mississippi where cost of living is 87% of USA standard.
Mississippi cost of living is 87.8% Mississippi Cost of Living
Liberal activists demand a “living wage,” but the truth is that only a tiny handful of hourly wage workers make the minimum wage or less (4 percent), according to the Employment Policies Institute. On the contrary, a whopping 44 percent of hourly workers currently earn at or below the proposed $15 minimum wage.
Now consider what the $15 minimum wage would do.
For a restaurant that employs 10 minimum wage workers, a $15 minimum wage hike would cost them about $170,000 per year. If the restaurant currently earns profit margins of 5 percent, it would have to increase sales by $3.5 million per year, or an extra $67,000 every week.
But that is not realistic. The likely scenario is that they’ll either have to cut working hours or fire some workers altogether. Either way, most people are worse off than before.
Lawmakers Are Pushing a $15 Minimum Wage. Here Are 3 Disastrous Consequences That Would Result.
Robotic waiters...