ALBANY, N.Y. (NEWS10) – According to research, higher pay — means fewer jobs!
The report suggests that raising the minimum wage to $15 an hour would hurt the workers the policy is intended to help. According to the study, this statewide increase would cost New York State at least 200,000 – 588,800 jobs.
In the Capital Region; 11,300 to 36,900 jobs.
This is all according to a report released Thursday morning, by the Empire Center and the American Action Forum. The report breaks down the numbers by each region of the state.
They say, the good news is those who have a job and keep it will get a raise, but the report suggests there’s more negative than positive.
For instance, employers will struggle when they have to come up with the money, leading to a hike in the price of goods and services. They say the core issue here is that it will hurt the hundreds of thousands of people at the lower end of the job market, who are let go or unable to get a job in the first place, for instance, those with only a high school diploma.
So, the report suggests the increase would essentially defeat the purpose of the governor’s proposal for fairness.
“So the minimum wage when you narrow it down isn’t really the best news for people genuinely struggling in the labor market maintain attachment to a job and climb up the jobs ladder,” said Douglas Holtz-Eakin, American Action Forum.
Under this proposal championed by Governor Andrew Cuomo, NY would become the first state in the nation to mandate a minimum wage of $15 an hour.
It’s a 67% spike from the $9 that is scheduled to take effect by the end of the year.