Bloomberg: Doomsayers Keep Getting It Wrong on Higher Minimum Wages

“The ink wasn’t even dry on the wage legislation [in Seattle] when the dire warnings of economic collapse began. Unemployment would skyrocket, economic growth in the state would be hurt, restaurants and small businesses would close en masse. The deserved punishment would be swift and harsh.

But a funny thing happened on Seattle’s way to economic collapse: the city thrived. Restaurants didn’t close — they actually prospered — and new restaurant openings rose. Unemployment fell, most recently to less than 4 percent, more than a full percentage point lower than the national rate. By all accounts, the city on the Puget Sound is booming.”


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