Raising the minimum wage to $15.00 per hour is a reform which Democrats favored and rallied in support of for quite some time. As this new minimum wage is enacted in various states across the nation, working people are not having the positive expe
Numerous Democrats steadfastly maintain that raising the minimum wage will help the working class. Minimum wage hikes are often presented as solutions to income inequality, poverty, and low wages. However, critics of the idealized $15.00 minimum wage have repeatedly affirmed the existence of subsequent free market adjustments.
The free market in New York is adjusting as business owners actively take steps to offset the costs of a higher minimum wage.
What’s Happening to Businesses in New York?
Raising the minimum wage automatically hits business owners with greater expenses. This of course, doesn’t bode well for many businesses. Therefore, entrepreneurs across the state are making their own moves.
Due to the $15.00 minimum wage, employees work less hours. Less hours with a higher wage automatically counteracts any potential economic gains. Certain working New Yorkers are even facing lay-offs and prohibitions from working overtime.
