D.C. residents stand to lose thousands of jobs over the next decade as a result of hiking the minimum wage to $15 an hour, according to the first comprehensive review of the law’s potential economic impact since its passage. The city’s chief financial officer said in a blog post this week that up to 1,200 jobs could be lost by 2020 due to the new policy, with the job losses approaching 2,500 by 2026 due to the mandatory wage hike.
What’s more, many of the benefits of the higher wages will go to workers in Maryland and Virginia, according to the analysis by the city’s Office of Revenue Analysis. Mayor Muriel Bowser made the drive for a $15 minimum wage — more than twice the current federal standard of $7.25 an hour — a cornerstone of her 2016 State of the District speech, and shows no sign of rethinking her stand following the damaging report. A spokesman for Miss Bowser said the mayor stands by the law.
Read more at: Washington Times