Surprise! NYC Losing Restaurant Jobs to $15 Minimum Wage
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New York City is forecast to shed more multimillionaires this year — with billions in Wall Street bonuses in their wake.
The massive bonus pool typical for city workers is under stress as more bankers and traders bolt for Florida and other states to escape New York’s punishing taxes and steep living costs, according to several pros who have studied the latest compensation data from the state comptroller.
If the government orders a business owner to pay employees a certain amount, regardless of market factors, the only way to stay in business is to retain fewer employees. If the government orders an earner to surrender an inordinate amount of their earnings, they simply move to a place that doesn't do that.
The result is greater unemployment and less revenue available to fund the pet projects of the ruling class. This is pretzel logic at its best.