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Response to SlogginThroughIt (Reply #46)

Fri Feb 26, 2021, 12:43 PM

49. I don't know why it is incumbent upon me to do your research.

But here ya go

https://www.businessnewsdaily.com/8984-increased-minimum-wage.html

What minimum wage hikes mean for small businesses
It's not uncommon to hear that minimum wage increases have disastrous consequences, particularly for small businesses. However, economic research into the impact of minimum wage hikes on small businesses suggests that not only are increases not harmful, they might even be beneficial.

Research from the Fiscal Policy Institute examined three years of small business activity in states that increased the minimum wage above federal standards as well as states that did not. These were some of the researchers' findings:

From 1998 to 2001, the number of small business establishments grew at a rate of 3.1% in states with higher minimum wages, compared with a rate of 1.6% in states with lower minimum wages.
Employment grew 1.5% more quickly in states with higher minimum wages.
Annual payroll and average payroll per worker increased more quickly in states with higher minimum wages.
Based on this data, the notion that minimum wage hikes kill small businesses and reduce job opportunities appears false. Instead, raising the minimum wage seems to improve entrepreneurs' abilities to start new businesses and hire new workers. Moreover, additional research published in the Journal of Economic Issues found that minimum wage hikes did not correlate with an increase in small business failures. That research even suggested the opposite is true.

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LineLineLineReply I don't know why it is incumbent upon me to do your research.
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