Socialism has been tried, and not surprisingly, failed. But don’t tell Bernie Sanders or Antifa or the Greens or Anonymous or any of the other fring-turned-mainstream Leftists who still adhere to that long since debunked fairy tale of an economic theory.
Case in point would be the militant pouters screaming for a national increase in the minimum wage to $15.
As ABC News is reporting, the #FightFor15 craze that was recently all the rage in the Pacific Northwest is actually lowering the wages of the working poor.
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Interestingly enough, the new law is actually saddling the working poor with a $125 loss of wages;
A new study of Seattle’s $15-an-hour minimum wage law says it costs jobs, contrary to another new study released last week.
The Seattle Times reports a University of Washington team found the law boosted pay in low-wage jobs since 2014 but that it also caused a 9 percent reduction in hours worked. For an average low-wage Seattle worker, that’s a loss of about $125 per month.
The study says there would be about 5,000 more low-wage jobs in the city without the law.
Seattle was one of the first U.S. cities to adopt a $15 minimum wage law. It is raising the minimum to $15 by 2021.
But wait, there’s more…
On the other end of the continent, the New York Post is reporting that the Empire State has seen over 1,000 restaurants shutter their doors in the last month.
With the socialism loving governments of both New York state and New York City raising minimum wage well above that of the pay mandated by the feds;
The New York restaurant industry is slowing down, adding fewer jobs and shedding eateries amidst recent hikes in the minimum wage.
The Empire State lost 1,000 restaurants last year and the number of jobs as cooks, servers and dishwashers grew by an anemic 1.4 percent. That’s a far cry from the 4.4 percent annual growth the state’s eateries enjoyed from 2010 to 2015, according to the Employment Policies Institute, a nonprofit research group.
The Big Apple accounts for the lion’s share of the state’s growth — and the slowdowns in the city are more dramatic.
“This is a drop-off in restaurant growth that didn’t even show up during the great recession,” said Michael Saltsman, managing director of the Employment Policies Institute. “It’s compelling evidence that something big is going on.”
Some economists point to a rise in pay that began in 2016 when the state began implementing a series of minimum wage increases that will bring the hourly rate to $15 by 2019 for some employers in the city and more gradually in other parts of the state.
“We are beginning to see the harmful effects of drastic minimum wage increases that previous studies have predicted,” said Mike Whatley, Director of State and Local Government Affairs, National Restaurant Association.
— Fight For 15 (@fightfor15) June 21, 2017
Nonetheless, the @FightFor15 crowd continues to show their true Socialist and race war advocating colors…
— Fight For 15 (@fightfor15) June 19, 2017