Let's throw a Republican wrench at the problem. If small business's "will need to cut costs" that means there's cuts to be made now that they are not making. That coupled with their "tight profit margin" means they may have to fail. Hey, we need both winners and losers in the economy don't we?*wink*Over 500 economists against federal minimum wage increase
Over 500 economists signed an open letter to the White House and Congress urging them to reject a federal minimum wage increase.
The list, which included three Nobel laureates and several veterans of past administrations, warned the minimum wage hike would cause economic damage.
“One of the serious consequences of raising the minimum wage is that business owners saddled with a higher cost of labor will need to cut costs, or pass the increase to their consumers in order to make ends meet. Many of the businesses that pay their workers minimum wage operate on extremely tight profit margins, with any increase in the cost of labor threatening this delicate balance,” read the letter.
It also cited the recent report by the Congressional Budget Office, which found that minimum wage increases would lead to lost jobs.
The Congressional Budget Office’s (CBO) most recent report underscores the damage that a federal minimum wage increase would have. According to CBO, raising the federal minimum wage to $10.10 per hour would cost the economy 500,000 jobs by 2016,” the letter staged.
Tell the business owners to get a second or third job if they need to.*wink* Nobody's responsible for them going into a business the fails but them. They should take some personal responsibility.*wink*