This Triangle Business Journal article confirms the obvious:
Chief financial officers in the United States say a minimum wage increase to between $10 and $15 per hour would cause immediate harm to the economy.
According to a survey of chief financial officers from global companies, a minimum wage increase “would result in immediate layoffs and significantly curtail future hiring at firms that would be affected by these wage hikes,” as reported in the Duke University/CFO Magazine Global Business.
In the survey, CFO’s also confirm that the higher the minimum wage hike, the more layoffs would occur; and the slower growth of future hiring. And of course, it is the very people that minimum wage hikes are allegedly supposed to help that will be the ones disproportionately effected.
Among firms employing these low-wage workers, the expected effects of proposed minimum wage hikes are dramatic. According to CFOs at these firms, the low-wage employees that increases are designed to help will also bear significant employment risk, potentially losing their jobs as firms implement labor-saving technologies.”
Demand curves slope downward.
This article is spot on.Everything written in this article is what would happen if this became law.