Wonky Wages
06/30/2014 | | Economic forecasting, Eisenberg and housing economics, Eisenberg and public speaking, Elliot eisenberg, Graphsandlaughs, MLS, Minimum Wages, Multiple listing service, Public speaking economist, Seattle, Seattle minimum wage, econ70, economist on TV, economist on radio, eisenberg and economics, funniest economist, funny housing economist, graphsandlaughs and eisenberg, housing sales, mortgage banking, politics and economics, www.econ70.com
Seattle’s decision to boost its minimum wage to $15/hour, the highest anywhere, is bad policy. Unlike a rise in the federal minimum wage which affects all employers, this increase only applies inside the city. Thus, employers in low-wage industries in Seattle will be at a distinct financial disadvantage compared to similar firms outside Seattle. This price differential will cause some shoppers who used to shop inside Seattle to shop outside.