- Senior Contributor to Forbes
- Con to the question "Should the Federal Minimum Wage Be Increased?"
“The idea of raising the minimum wage is noble and commendable, but many of the arguments rely upon raw emotion and neglect sound economic ramifications that will adversely impact the same people it’s trying to help.
Raising the minimum wage has a number of serious and negative unintended consequences. Employers, especially small family and midsize businesses, will be disproportionately hurt by the extra costs incurred. The local neighborhood stores and businesses with razor-thin profits will be forced to raise prices to make up for the addition labor costs. With the increased prices, customers may elect to take their business elsewhere. Losing customers means losing income, which could result in the business having to layoff workers.
Large corporations with big budgets will weigh the increased labor costs and elect to invest in technology to displace workers. This trend will soon become prevalent in the food service industry, hospitality, retail, construction and manufacturing.”
“The Unintended Consequences of Raising Minimum Wage to $15,” forbes.com, July 10, 2019
- Theoretical Expertise Ranking:
- Involvement and Affiliations:
- Founder and CEO, WeCruit, May 2019-present
- Senior Contributor, Forbes, May 2018-present
- Publisher, Compliance EX, Nov. 2001-present
- Managing Director, Compliance Search Group, Nov. 2001-present
- Partner, Taft Associates, Oct. 1997-Nov. 2001
- Attended Brown University
- None found
- Quoted in:
- Pro & Con Quotes: Should the Federal Minimum Wage Be Increased?