Businesses are closing, cutting hours and raising prices to cover the costs, meaning the poor that have lost their jobs can no longer afford what they used to make. Under the law, the current minimum wage is $12.25 and will rise to $15.00 in 2018.
A survey of 223 small businesses proved to be profoundly troubling. The liberals claimed that the rise in the minimum wage would make the lives of the poor better:
“Drawing on a variety of government data sources, we estimate that 140,000 workers would benefit from the proposed minimum wage law, with the average worker earning an additional $2,800 a year (once the law is fully implemented). Our analysis of the existing economic research literature suggests that businesses will adjust to modest increases in operating costs mainly through reduced employee turnover costs, improved work performance, and a small, one-time increase in restaurant prices.”