A new year and a new minimum wage hike
Despite consistent economic evidence against the idea, California has embraced a statewide minimum wage increase to $15 by 2022.
When the clock strikes midnight on New Year’s Eve, the minimum wage will continue its upward trajectory — increasing to $10.50 for businesses with 25 or fewer employees and to $11 for larger companies.
Whether as a matter of principle or pressure, many Golden State politicos now seem ideologically committed to the hike no matter what the cost or consequences. But with a new report out that debunks their logic once again, responsible policy advocates and fellow lawmakers shouldn’t stop trying to show them the light.
The study, conducted by David McPherson of Trinity University and William Even of Miami University, takes a rigorous, comprehensive look at California’s minimum wage increases since 1990, using the analysis to estimate the impact of the $15 wage.
Over 24 counties, 15 industries and some three decades of data, McPherson and Even draw a dire conclusion that should be sadly familiar to opponents of the mandatory increase. By 2022 alone, they project, the forthcoming $15 wage will cause the elimination of 400,000 jobs — excluding tipping-point and snowball effects, as well as the compounded impact of separate local wage increases.
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Even in an economic climate of stable growth, these numbers should send policymakers running for the exits. Given other likely events of […]