383.000 jobs to be lost because of increased minimum wage
Increases in states' minimum wage that begin this month will cost 383,000 jobs by 2020, according to a new analysis from a right-of-center research organization.Minorities and the poor will be hardest hit by these flawed policies. Especially hard hit with be young people seeking entry-level positions. The people pushing these policies apparently do not care about the damage they are doing to that sector of the economy.
The American Action Forum, a Washington think tank, on Thursday will release an analysis of the minimum wage increases taking place in 14 states and the District of Columbia in 2017.
The new wage floors include steps on the way to $15-an-hour minimum wages in California and New York, which are projected to lose out on 65,000 and 109,000 jobs, respectively, the two biggest losses. Vermont, which is upping its minimum wage from $9.60 an hour to $10 this year, is anticipated to lose 1,000 jobs as a result.
The results are just for the increases taking place in 2017, not the subsequent increases scheduled for future years.