A bill introduced last Thursday by Democratic Assembly Speaker Sheldon Silver would increase the state’s minimum wage to $9 per hour a full year ahead of schedule. The bill would also tie future wage increases to the rate of inflation
This is a pretty good indication of how the 2014 legislative session could go. It’s an election year, and even though New York just increased the minimum wage three weeks ago, advocates are already saying that it’s not enough.
Our view is that it is not the right direction for the state to move in. Accelerating the minimum wage increase will only worsen our business climate and hurt employers and consumers. It’s a failed policy that will result in greater job loss and higher costs for goods and services.