Monday, August 10, 2015

Meanwhile, on the "minimum wage" front........


New York moves to raise the minimum wage for fast-food workers to $15.00 per hour.

One point of view:

New York Gov. Andrew Cuomo (D) celebrated the minimum wage hike shortly after it was announced. He said it was “one of the really great days of my administration” — and, just as Briccetti warned, he said the wage board’s decision should seen as a harbinger of bigger paychecks for everyone earning the minimum wage.
“This is not the ending; it is just the beginning because we will not stop until we reach true economic justice and we raise the minimum wage for every worker in every job in this state,” said Cuomo.

Another point of view:

“There simply isn’t any magic pot of money that lets employers pay higher wages just because the government says so, without making adjustments elsewhere like cutting workers’ hours, reducing their non-cash fringe benefits, and/or passing the higher wages along to consumers in the form of higher prices.”

He forgot to mention automation.  Be careful what you wish for.  The Law of Unintended Consequences always bats last.

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