Governor Cuomo’s extreme proposal to raise the statewide minimum wage to $15 per hour across the board would cost “hundreds of millions” of dollars to state and local governments, as well as publicly funded groups.
Last week, Cuomo announced a massive “free” money giveaway, with a proposal to raise New York’s minimum wage to $15. It would be the highest full-scale rate in the nation, and guarantee that the man who frequently touts his state being “open for business,” would kill off thousands of jobs.
It is a full $5.53 higher than any other statewide rate.
Via the New York Post:
Gov. Cuomo’s bid to raise the minimum wage to $15 an hour for all entry-level workers would cost state and local governments — as well as publicly funded nonprofit groups — hundreds of millions of dollars year, a fiscal watchdog said.
“A pay bump to $15 an hour would boost personnel costs by $25 million for the state’s executive branches, and by $39 million for New York City,” said the Empire Center for Public Policy.
But Empire Center analyst E.J. McMahon said the figure is “just the tip of the iceberg” and only accounts for hourly and seasonal employees, not full-time workers who also make less than $15 an hour. There are more than 15,000 state workers making less than that.
That figure climbs to “hundreds of millions of dollars” when adding increases in costs to government contractors that provide public services to citizens, McMahon said.
“Somebody has to pay,” he added.
Somebody always does – in this case, the business owners who will be forced to cut jobs or hours to make up for an increase in costs.