This is an incredibly huge “I told you so” moment for all the folks who have common sense about economics. Goodness knows the loony left in Seattle has none.
The city’s decision to raise minimum wage is not working out as the left promised.
CNN Money reported:
Seattle wanted to help workers when it voted in 2014 to gradually hike its minimum wage to $15 an hour.
But a controversial new study out Monday shows that the wage hike may be hurting workers instead.
Researchers at the University of Washington, who were commissioned by the city, found that when wages went up to $13 in 2016, low-wage workers saw their hours drop by 9%.
Workers ultimately made $125 less each month, on average, the report found.
“For every $1 worth of increased wages, we are seeing $3 worth of lost employment opportunities,” said Jacob Vigdor, one of the study’s authors.
The Washington Post adds:
“This strikes me as a study that is likely to influence people,” said David Autor, an economist at the Massachusetts Institute of Technology who was not involved in the research. He called the work “very credible” and “sufficiently compelling in its design and statistical power that it can change minds.”
Yet the study will not put an end to the dispute. Experts cautioned that the effects of the minimum wage may vary according to the industries dominant in the cities where they are implemented along with overall economic conditions in the country as a whole.
Do you think the left will take a lesson here and think of the people they are hurting by trying to advance their socialist agenda? Probably not.