FOR IMMEDIATE RELEASE
ALBANY (November 15, 2022) – The National Federation of Independent Business (NFIB), New York and the nation’s leading small business organization, released the following statement by NFIB State Director Ashley Ranslow in reaction to today’s “Raise the Wage” rally in Albany by progressives calling on New York State to increase the minimum wage to $21.25 per hour in New York City, Long Island, and Westchester County and $20 per hour in the remainder of the state by January 1, 2026:
“New York’s small businesses, from Long Island to Buffalo, are dealing with unending financial hardships. Inflation, labor shortages, supply chain disruptions, stubbornly high fuel prices, spiking utility rates, and crushing Unemployment Insurance tax rates imposed by New York State are dragging down Main Street. Small businesses continue to raise prices to help absorb the losses, but the costs are adding up too quickly. How lawmakers could consider adding another expense to small business’ bottom lines is unfathomable.
“The proposal to increase the minimum wage by at least $5.80 per hour over the next three years is staggering, especially as New York’s economy has not recovered and the state has not seen all of its pre-pandemic jobs return. Not only will many small businesses not be able to afford these higher wages and the payroll taxes that accompany them, but there will also be immense pressure to adjust wages up the pay scale. All-in-all, this is terrible for small businesses and a bad idea while the state and nation’s economy is at risk of diving into a recession.”
For nearly 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.