"There's overwhelming evidence drastic minimum wage hikes cause job losses. That can also include schedule reductions, less overtime opportunities for people who want to pick up shifts, so folks could actually see working less and not being able to earn as much as they were before."
"Prices went up, so the people who were buying fast food, residents and maybe some of those workers now have to buy the food they were buying before at a higher price point. There's a lot of evidence to suggest minimum wages contribute to inflation as well."
The New York City Council is contemplating a significant minimum wage increase from $17 to $30 by 2030, driven by public support due to affordability issues. However, experts warn that such drastic hikes may lead to job losses and reduced work hours. Historical data from California and Los Angeles indicate that similar wage increases resulted in job losses and higher prices for consumers. Critics argue that these changes could exacerbate inflation and hinder business expansion.
Read at Fingerlakes1.com
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