Allow me to admit up front that I am a closet supporter of a $15 minimum wage. I don’t think it is a smart policy, but I like the idea. Unfortunately, it has been tried in several locations, the report card is in, and the results are not good.
A good number of reliable sources prophesied that a $15 minimum wage would devastate the restaurant business whereat that wage is applicable to kitchen workers, bus boys, servers, and even some cooks.
Turns out those prophesies were correct. Let’s take a look at New York City restaurants. This chart comes from an American Enterprise Institute publication by Mark J Perry that was sent to me by my pal Jeff Carter.