Actually, minimum wage increases aren't a job killer. (via CNBCMakeIt)
, specifically — few small business owners are complaining about the wage boost. Perhaps more significantly, even those who expect a business impact thanks to the change only rarely say they will cut headcount as a result.
The states implementing minimum wage increases in 2020 are a true cross-section of the country, representing every region and political leaning. Florida's was the smallest dollar-value increase: a tiny 10-cent bump from $8.46 to $8.56. Washington state had the highest dollar-value increase — a $1.50 boost from $12 to $13.50 — tied with New Mexico's increase from $7.50 to $9.
The percentage of business owners who say they may be forced to cut workers or reduce hours are the same regardless of whether a small business owner is based in a state with or without a 2020 minimum wage increase. Past CNBC/SurveyMonkey Small Business Survey results have shown that in a tight job market and a strong economy, small business owners are going to extreme lengths to attract and retain good workers.
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