- Jun 11, 2004
- Professional Status
- Certified Residential Appraiser
In Seattle the minimum wage has gone from $10 to $15 in the past couple of years.
What has happened?
Overall economy has seen no change.
Unemployment rate still super low
Employment has gone down in certain areas as businesses cut jobs for efficiency
Restaurants have raised prices to cover higher cost.
Restaurant closures have been about performance rather than minimum wage, but some have had a harder time.
Seattle isn't the best test case because its economy is so strong right now regardless, a minimum wage hike isn't going to change things. Customers are willing to pay higher prices at restaurants because they can.