According to the NFIB, even though Donald Trump and Hillary Clinton have been conspicuously mum about their minimum wage plans during the debates, small business owners have plenty of reason for concern.
“Both candidates for president have expressed support for raising the minimum wage, and it’s important for voters to understand the consequences,” said NFIB President and CEO Juanita Duggan.
Federal minimum wage increases could be devastating for small business owners, according to a new report released by NFIB. The report assumes an increase in the federal minimum wage to $12 per hour phased in by 2019, then increased every year afterward based on a cost of living measurement.
The result: Raising the federal minimum wage to $12 per hour could cost the private sector 1.8 million jobs over 10 years and cut economic output by $2 trillion. Fifty-seven percent of those job losses would come from small businesses.
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NFIB reports – Minimum Wage and the 2016 Election: What Small Business Owners Should Expect