Another Minimum Wage Lesson in Economics: This Time at The Gap
A little over a year ago The Gap flaunted their progressive ways and raised their minimum wage to $10 per hour. Their employees – 65,000 of them who were effected – were ecstatic. The White House was giggly.
That was in February 2014. It’s now June 2015 and the happy campers are finding out that economics is a nasty handmaiden.
Here’s a glimpse at what was …
That was then. This is two days ago.
Gap will close 140 stores this year and cut 250 jobs at it’s headquarters. For some irony, Gap’s headquarters is in San Francisco, right in the middle of Nancy Pelosi’s Congressional District.