A new report ranking the economic competitiveness in the 50 states shows that while Washington’s economic performance over the past ten years (2002-2012) has been better than most states, the future looks grim.
Starbucks CEO Howard Schultz recently warned an increase in the minimum wage could result in a reduction in the company’s famously generous employee benefits. Schultz argues minimum wages should take into consideration the “total compensation” an employee receives, which in the case of Starbucks employees includes full health coverage, free food, bus passes, 401K, education assistance, stock rewards, bonuses and more—even for part-time workers.
In a story on Seattle rent prices yesterday, the left-leaning Publicolaasserts that the “most interesting” data point from an analysis of Seattle’s rental-market is that, “The law of supply and demand is, it turns out, an actual thing." It seems the analysis shows that just as this most basic tenet of economics predicts, demand is inextricably linked to supply. The
Last night hundreds of students, business owners and engaged citizens gathered at the University of Washington campus in Seattle to learn more about the arguments for and arguments against increasing the minimum wage.
The WPC-sponsored event, “The Minimum Wage Debate,” was moderated by award-winning political journalist Robert Mak and included pro and con panels comprised of economists, lawmakers, policy analysts and a Seattle small business owner. The panelists discussed the impacts of minimum wage hikes at the local, state and national level.
Just one day after running an article on a study that claims increasing the minimum wage “doesn’t have a drastic, negative impact on employment,” The Seattle Times featured a study that shows the employment rates for teens in Washington and Seattle are in steep decline.
Advocates of increasing the minimum wage routinely claim that doing so will stimulate the economy, encourage growth and create jobs. Ignoring the basic economic law of demand, which dictates that when the cost of something goes up, demand correspondingly goes down, these supporters instead argue that when workers earn more money they spend more money, which in turn benefits employers. Everyone wins.
Of course, the only ones who really win are the workers who have a job; those who don’t will have a harder time finding one.
During this Legislative Session, lawmakers in the House of Representatives considered two bills that would require employers to offer paid leave to workers.
HB 1313 would require employers with 5 or more employees to pay employees for 5, 7 or 9 days of sick leave per year, depending on the size of the company. This bill passed the House and will now be considered by the Senate.