In this morning’s edition of the Times Union, reporter Jimmy Vielkind about efforts to get a budget agreed upon by the March 31 deadline. But there are some sticking points, including the proposed minimum wage increase and casino siting.
The Business Council opposes an increase in the minimum wage.[message_box title=”Take Action” color=”red”]
We need to improve New York’s economy and create good-paying private-sector jobs. Raising the minimum wage will not do that. It would increase the cost to affected employers – with direct costs of nearly $3000 for each full-time minimum wage employee, plus indirect costs caused by “wage compression,” as wages are adjusted for higher earning employees.
To meet these costs, employers will have to eliminate jobs or reduce workers’ hours, raise prices, defer investments, or reduce profits – none of which promotes economic growth. Cost increases will reduce the number of entry level jobs for persons with the least skill and experience, whom the proponents of a higher minimum wage purport to help.