A $15 minimum wage: Bad news for low-income workers
“Rep. Bobby Scott, Virginia Democrat, has introduced a bill that would more than double the federal minimum wage to $15 per hour by 2024. Higher wages are great when they come from a thriving economy where jobs are plentiful and ample investment makes workers more productive. But it’s not all roses and sunshine when higher wages come from government fiat. Consider a business with seven minimum wage workers. Doubling those wages will cost the small-business owner an extra $122,000 per year.”