Wage Increase Kills Jobs
The federally mandated mininum wage hike to $10.10 isn’t scheduled until 2015, and already the consequences are devastating. “Why doesn’t he (President Obama) make it take effect immediately? Well, because he doesn’t want the layoffs to happen before the midterm elections,” says financial commentator Peter Schiff. But the effects of the potential raise is already making a dent in employment on military bases. Schiff says anybody running a restaurant on a military base will be mandated to pay their employees the new minimum wage, regardless of the consequences. So what’s happening? “All these restaurants are closing … closing now in advance of 2015,” Schiff says. “They’re not renewing their contracts.” In this edition of The Peter Schiff Show, Schiff explains how raising the minimum wage for all Americans is a job killer.
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