SAINT PETERSBURG, Fla. (WTSP) – Although Florida lawmakers were unsuccessful in their attempts last year to raise the minimum wage to $15/hour starting in 2017, a lawmaker in Michigan is taking up the fight and renewing interest in the debate.
The bill would put the increase into effect next year, but critics fear the sudden spike could hurt business.
A 2016 study from the nonpartisan research institute Florida TaxWatch showed that an increase to a $15/hr. minimum wage would most likely have a negative effect on Florida’s economy and job market, although minimum wage workers only make up about two percent of workers in the state.
The group also reports that an immediate jump to $15/hour could increase business wage labor costs by nearly $2 billion. As a result, workers and consumers could see shorter business and working hours as well as higher prices.