From the "We Toldja" File:
According to a report released Sunday by the American Enterprise Institute (AEI), the $15 minimum wage has caused Seattle restaurants to lose 1,000 jobs — the worst decline since the 2009 Great Recession.
“The loss of 1,000 restaurant jobs in May following the minimum wage increase in April was the largest one month job decline since a 1,300 drop in January 2009, again during the Great Recession,” AEI Scholar Mark J. Perry noted in the report.
Supporters of the $15 minimum wage often argue it will help the poor and stimulate economic activity. Opponents, however, argue such policies will actually hurt the poor by limiting job opportunities. How little or how much of either outcome usually depends on the study. Nevertheless, even the nonpartisan Congressional Budget Office (CBO) agrees at least some job loss is expected.
