I have been waiting for nearly a half-century for the minimum-wage apocalypse, wherein smaller businesses (and some large chain restaurants) “seize up,” fail to function and fail in business terms. Such are the highly predictable diatribes by “economists” every time raising the minimum wage is broached. I refer to Lloyd Corder’s op-ed “Where do economists stand on Wolf’s $15 proposal?” (March 23, TribLIVE). By the way, the apocalypse never happened!
Frankly, in my personal finances, it’s the well- to extremely well-compensated bankers, lawyers, accountants, analysts and yes, economists, that have caused me woe (not minimum-wagers). The most recent egregious example, of course, was the 2008-09 financial crisis fomented largely by these very well-compensated folk.
As for the 40% of economists who support a $7.25/hour minimum wage, they must believe that such a rate is “fair compensation” for “wage slaves,” some of whom undoubtedly make their lives smoother (cappuccinos, etc.).
Good luck recruiting and retaining staff at $7.25/hour. A short drive on Route 30 should disabuse anyone who can read that the current minimum-wage rate is adequate with help-wanted signs everywhere except certain large lamented box stores.
James Kvitkovich
Hempfield