Remember when the $15 minimum wage was going to devastate Seattle’s job market? Well, funny thing about that:
The unemployment rate in the city of Seattle – the tip of the spear when it comes to minimum wage experiments – has now hit a new cycle low of 3.4%, as the city continues to thrive. I’m not sure what else there is to say at this point. The doomsayers were wrong. The sky has not fallen. The restaurant business, by all accounts, is booming (in fact, probably reaching a saturation point when one looks at eateries per capita). I think it’s safe to say we’ve got enough data – over almost two years now – to declare that Seattle has not suffered adverse consequences from its increases in the minimum wage, and has certainly not experienced the dire effects foretold by the anti-min wage crowd.
But not every single restaurant in Seattle remained open for all of 2016 so the critics were right QED!!!!!1!!!
Seattle is a prosperous city with a lot of high-paying jobs, and reasonable people can disagree about what the optimal national minimum wage is. But the C- Econ 101 idea that a significantly increased minimum wage inevitably results in job losses can be safely put to bed.