To quote Paul Joseph Watson, “imagine my shock…”
A new study has revealed that when you raise the minimum wage, the result is widespread job loss. What a finding!
According to a new study commissioned by Isiah Leggett, a Montgomery County Executive, an estimated 47,000 jobs would be lost if the county implements a $15 minimum wage. Moreover, a hike in the minimum wage would cause the loss of nearly $400 million in income in the county over the next four years.
From The Washington Post:
“PFM [the Philadelphia consulting firm that conducted the study] found that increasing the minimum wage to $15 would result in an aggregate loss of $396.5 million of income in the county by 2022 as businesses laid off employees, cut remaining employee hours and benefits, and suspended plans to invest in new locations and hire additional workers.”
This comes as the county proposed legislation to increase the minimum wage from $11.50 per hour to $15, but it was vetoed by Legett.
Study after study, report after report, common sense continually highlight a crucial fact: a $15 minimum wage results in lost jobs, lower pay, less work for workers and jobs that are not being created.
Realist, basic economics should be taught again in the school system, but that would actually make the students understand economic reality.
Economic reality is we have thousands of jobs that go unfilled because the wages are too low. Story in WSJ today says so. When work doesn’t pay, it doesn’t pay to work, that’s real, and it’s happening now. Stagnant wages are the cause of our low productivity and growth. Everyone but the one percent is broke.