"“As with any such policy change, there are upsides and downsides. But based on this survey, there’s no denying that raising the minimum wage will result in layoffs, reduced hiring, and higher prices at a large chunk of American companies,” Bob Funk, CEO of Express and the former chairman of the Federal Reserve Bank of Kansas, said. “How severe will those effects be? That remains to be seen, but policymakers will certainly want to be mindful of this reality as they legislate.”
Last month, the Congressional Budget Office released a report that said that while raising the country’s minimum wage might boost the incomes of millions of Americans, it would simultaneously mean hundreds of thousands of fewer workers.
According to the CBO, a graduated boost in the minimum wage to $10.10 by 2016 would lead to an estimated decline in employment of 500,000 workers by the second half of that year."
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