Raising the Minimum Wage Means Big Pain for Small Business

Date: February 06, 2014

NFIB’s chief economist, Bill Dunkelberg, says small business
owners won’t be able to absorb higher labor costs if Congress raises the
minimum wage.

“The minimum
wage is paid for by charging customers more and reducing employment
Dunkelberg said on his web series Your Bottom Line With Bill Dunkelberg.

With 90% of American businesses employing fewer than 20
workers, raising the minimum wage to $15 – as some have proposed – would have a
devastating effect on the U.S. economy. For a business with 10 minimum wage
workers working 2,000 hours a year, every $1 increase in the minimum wage costs
the business owner $20,000.

Dunkelberg said the biggest losers in this equation are
younger and unskilled workers looking for their first jobs.

NFIB’s web series Your
Bottom Line With Bill Dunkelberg
helps small business owners learn more
about what drives the economy and how economic issues affect their businesses.
William Dunkelberg, NFIB’s chief economist and one of the nation’s top experts
on small business, entrepreneurship, consumer behavior and consumer credit
policy, hosts the series.

About NFIB

NFIB is the nation’s leading small business association,
with offices in Washington, D.C., and all 50 state capitals. Founded in 1943 as
a nonprofit, nonpartisan organization, NFIB gives small and independent
business owners a voice in shaping the public policy issues that affect their
business. NFIB’s powerful network of grassroots activists sends their views
directly to state and federal lawmakers through a unique member-only ballot,
thus playing a critical role in supporting America’s free enterprise system.
NFIB’s mission is to promote and protect the right of members to own, operate
and grow their businesses. For more information visit NFIB online.

Resource Links

Your Bottom Line With Bill

Business Economic Trends

CONTACT: Tim Kelly At (803) 233-2459 or Tim.Kelly@chernoffnewman.com

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