As the old expression states, the road to hell is paved with good intentions. In 2014, Seattle decided to lead the way “forward” in the attempt to impose the leftist utopian dream of creating a “livable” minimum wage for all. Largely ignoring sound warnings from seasoned economists, Seattle pressed on with its crusade, passing a progressive increase to the minimum wage with the goal of eventually reaching $15 per hour by 2017 and 2019 respectively for large and small businesses. So has Seattle been able to defy all conventional economic wisdom and raise a greater number of individuals out of poverty with its mandatory minimum wage hike?
A recently released study from the University of Washington appears to be throwing a well-deserved bucket of cold water on Seattle’s pipe dream. Researchers found that low-income workers saw their overall pay decrease, as companies either cut hours or cut the number of employees..