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Started By
Message
Shocking news: NY businesses cutting hours after minimum wage hike
Posted on 4/6/19 at 8:53 pm
Posted on 4/6/19 at 8:53 pm
LINK
OMG, demand curves slope downwards! OMG!
quote:
On December 31st, NYC raised the minimum wage to $15, a 15% increase from the 2018 level, and a 34% hike from 2017.
When taken together with rising healthcare premiums, the city’s small businesses were caught in a payroll tsunami.
The result? Close to three-quarters of restaurants in New York City have cut labor input since the minimum wage was raised to $15 per hour.
That’s according to a survey by The NYC Hospitality Alliance. Specifically, 76.5% of full-service restaurant respondents said they had to cut employee hours and 36% said they cut jobs in 2018 in response to the mandated minimum wage hikes.
That’s consistent with BLS data, which show that New York City full service restaurant employment has gone from an 8% growth back in 2012 to a -2% growth in the last two years.
OMG, demand curves slope downwards! OMG!
11
Posted on 4/6/19 at 8:54 pm to HailHailtoMichigan!
Read this earlier and this is my favorite part
quote:
To be fair, not every economist sees minimum wage hikes as the main source of labor problems. Paul R. Kutasovic, Professor of Finance at New York Institute of Technology and business forecaster, is one of them.
He thinks that the labor problem NYC businesses faced is associated with strong economic growth. “A strong economy makes it hard for businesses to find qualified people,” says Kutasovic. “In some markets, strong economic growth has pushed wages above the minimum.”
Posted on 4/6/19 at 8:55 pm to HailHailtoMichigan!
AOC is not gonna be happy
Posted on 4/6/19 at 8:55 pm to HailHailtoMichigan!
Greedy owners Just want profits, should nationalize all those establishments that cut hours.
Posted on 4/6/19 at 8:58 pm to HailHailtoMichigan!
Now they have to pass laws thst say they cannot cut hours!
Posted on 4/6/19 at 9:17 pm to Uncle Don
quote:
AOC is not gonna be happy
Not really, she will just demand that all restaurants leave NYC. Same result as her Amazon debacle.
Posted on 4/6/19 at 9:20 pm to tduecen
quote:
strong economic growth has pushed wages above the minimum
It's almost like fair and minimally regulated markets take care of things like raising hourly wages. More evidence that the far left is economically ignorant.
Posted on 4/6/19 at 9:21 pm to HailHailtoMichigan!
LOL fudge NY 
Posted on 4/6/19 at 9:26 pm to HailHailtoMichigan!
Minimum wage must be raised to 25.00 hr to alleviate the loss to those affected.
Posted on 4/6/19 at 9:28 pm to tduecen
quote:
“A strong economy makes it hard for businesses to find qualified people
Exactly how much qualification does it take to work at a restaurant you reckon? I've seen restaurant workers during both boom and bust economic times yet no difference in the employees. Maybe the guy was referring to other occupations.
Posted on 4/6/19 at 9:28 pm to HailHailtoMichigan!
Disgusting. All for the almighty dollar. They should mandate those businesses to keep a certain number of employees working 40 hours a week they know they can damn well afford it they just might have to sell their yacht or vacation home now...poor things
Posted on 4/6/19 at 9:35 pm to Uncle Don
quote:
AOC is not gonna be happy
Her former employer had to close shop due to the hike I believe. Or are we past that part already?
Posted on 4/6/19 at 9:35 pm to SelaTiger
quote:
Message
Shocking news: NY businesses cutting hours after minimum wage hike by SelaTiger
Now they have to pass laws thst say they cannot cut hours!
Or a minimun NET pay after all deductions can't be less than 75% (just spitballing a %) of the Gross or a set amount say $450 take home for 40hrs at 15ph and force employers to cover the tax balance.
This post was edited on 4/6/19 at 9:38 pm
Posted on 4/6/19 at 9:36 pm to deltaland
quote:
They should mandate those businesses to keep a certain number of employees working 40 hours a week
I hope this was typed in jest.
Posted on 4/6/19 at 9:48 pm to Homesick Tiger
Wore em’ out the other day about 400 yards from ‘camp’.. 
Posted on 4/6/19 at 9:51 pm to Homesick Tiger
quote:
hope this was typed in jest.
Si
Posted on 4/6/19 at 9:51 pm to HailHailtoMichigan!
Couldn’t see that coming
Posted on 4/6/19 at 9:54 pm to Ole Geauxt
quote:
Wore em’ out the other day about 400 yards from ‘camp’.
I'm headed that way Thursday. Watch it rain all four days I'll be there.
Posted on 4/6/19 at 9:56 pm to DaBike
quote:
Couldn’t see that coming
Hopefully other places are paying attention.
Posted on 4/6/19 at 10:06 pm to HailHailtoMichigan!
Economic Darwinism.
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