#TBT: Seattle Busts on $15
Reports on the impact of Seattle’s 2014 $15 minimum wage are in and they’re not promising.
According to a study from the University of Washington, companies responded to higher minimum wages by cutting low-wage workers’ hours, leading to a net loss of $125/month for the average employee. In addition, 5,000 low-wage jobs were lost as a result.
It’s not a surprise. When asked about the proposed increase over three years ago, Jonathan Hoenig explained how the minimum wage immorally prohibits voluntary relationships, inevitably leading to wealth destruction specifically among the entry-level workers it purports to help.