"States and cities never seem to tire of hiking their minimum wages, with predictable effects:
On April 1, 2024, California raised its minimum wage from $16 to $20 per hour for fast-food workers employed at chains with more than 60 locations nationwide. This was one of the largest one-time minimum wage increases in US history, and one of the few focused on a single industry in recent decades.
Our research finds that employment in California’s fast-food sector declined by 2.7 percent between September 2023 and September 2024 relative to fast-food employment elsewhere in the United States. … Our median estimate suggests that California lost about 18,000 jobs that could have been retained if Assembly Bill 1228 had not been passed.
If a society wishes to redistribute income, it should redistribute income (e.g., via a negative income tax). Interfering with market wages generates counter-productive results."
Evaluating the free market by comparing it to the alternatives (We don't need more regulations, We don't need more price controls, No Socialism in the courtroom, Hey, White House, leave us all alone)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.