Hint: A lot of job losses.
How Would a $15 Minimum Wage Impact Tennessee?
If the Labor movement has their way,
the minimum wage would be $15. In addition to the Fight for $15 battle raging
in various states across the country, there is a national effort to raise the
federal minimum wage. Under the Pay Workers a Living Wage Act, introduced by
Sen. Bernie Sanders, the minimum wage nationwide would stairstep increase from
$7.25 per hour to $15 per hour over the next four years.
The consequences of this proposal
are serious. According to a Heritage Foundation report on the bill’s impact,
in Tennessee alone, raising the minimum wage to $15 would lead to the loss of
227,000 jobs by 2021. The wage hike would apply to 43 percent of wage and
salary workers in the state, forcing employers to cut staff or consider moving
businesses out of the country.
The report notes that full-time
employees would have to create at least $38,700 in value for their employers,
which would mean less experienced and less skilled workers could have a harder
time finding jobs. Ultimately, a $15 minimum wage hurts the very people it’s
intended to help.