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In part it's because "the minimum wage is so high so it's harder to come up with profitable business models," Puzder said in an interview. The state's minimum wage is set to rise to $9 in July, making it among the nation's highest, and $10 by January 2016.
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A recent nonpartisan Congressional Budget Office study also predicted mass job losses, estimating that a hike to $10.10 could result in a loss of about half a million jobs by late 2016, even as it lifted many above the poverty line.
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"When the minimum wage increases, there are two things you can do," he said. "One is you can reduce the amount of labor that you use or you can increase your prices."
But with increased costs from food, taxes, fuel, health insurance and regulatory compliance, Puzder said businesses can only raise prices so much before customers become less willing to shell out.
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Puzder says it's difficult to justify the risk of opening a business when government policies have hindered would-be entrepreneurs' ability to generate profits due to increases costs.
Some people keep saying this... high minimum wages will lead to job losses. But that's part of the Obama/Democrat agenda. After 5+ years, they are either doing this on purpose, or they are incompetent. Since they are smart enough to line their own pockets, I will assume they are doing this on purpose.
Beef, poultry, pork prices are sky high and there is no end in sight.
Maybe they need to switch to tofu burgers instead so they can pay those people.
And while it may put them above FPL they will still qualify for many programs as none these days are at FPL anymore.
SNAP is 133%, WIC is 185%, Obamacare is 400% FPL.
punch pizza raised there minimum wage to 10.00 an hour. because of the news that it made, its had more business then ever. people will go out of there way to go to places when an owner makes a statement like the punch pizza guy did.
In and Out Burger starts its workers at $10.50 an hour. Hasn't hurt their bottom line one bit.
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