... low-income workers don't just lose their jobs when minimum wages are hiked...they also lose access to cheap casual dining options as lower-rated, cheaper restaurants are much more likely to fail when their costs are artificially raised.
Wednesday, April 19, 2017
Minimum wage hurts poor people in a new way
new working paper from HBS finds that for every $1 increase in the minimum wage, the probability of restaurant failure increases by 4-10%. Moreoever, as zerohedge points out, the restaurants most likely to fail are those that serve lower-income workers: