Note: While this report is about NY State, the effect of the increases in minimum wage are being felt in all states who have proceeded with this liberal policy. Those effects generally include prices rising, businesses closing, and too many of the people who the increase were trying to help losing their jobs.
Beginning on the last day of 2015, NY State began to slowly raise the minimum wage with the intention of bringing it to $15/hour by 2019. The NY minimum wage hikes are proving to be particularly damaging to the restaurant industry where the minimum wage increases have been higher other industries.
Per the NY Post:
On Dec. 31, 2015, the minimum wage for tipped restaurant employees rose by 50 percent, from $5 an hour to $7.50 an hour. For fast food workers, it rose by as much as 20 percent, from $8.75 to $10.50 depending on business size and…
