Democrats don’t give a damn about the poor, they only care about sound bytes. The minimum wage is one of those sound bytes they keep pounding without respect to reality.
Democrats all over the country are in a minimum wage bidding war. One group says $10.50 – hello Barack – another says $15.00. How about we just make the minimum wage $50.00 per hour and we’ll eliminate poverty in America. There, solved that problem.
Or not. We may find out pretty quickly because NY governor Mario Cuomo wants the state minimum wage to be $15.00 per hour.
Enacting a statewide, all-industry $15 minimum would cost New York at least 200,000 jobs — including 95,600 in New York City, with proportionately larger employment decreases in upstate regions.
Co-authors Douglas Holtz-Eakin and Ben Gitis drew from three different research models to estimate the impact of Cuomo’s proposal. The projected 200,000-job loss is actually their lowball estimate, based on the methodology used in a recent study by the Congressional Budget Office (CBO), of which Holtz-Eakin is a former director. The two other minimum-wage impact models cited in the research paper say the employment impact could be even larger — resulting in somewhere between 432,200 and 588,000 fewer jobs.
Up to 600,000 low income jobs lost. That’s 600,000 low-skill or no-skill workers who will be left out in the cold and who won’t be able to learn basic work skills on-the-job. Not to mention higher prices.
I’m expecting surrounding states to begin lobbying efforts in support of the $15 minimum wage. It will be a boon for their economies as businesses move out of New York.