The minimum wage in New York State has increased almost 40 percent during the past few years, while the average pay for hourly workers has risen much more slowly, not even keeping pace with inflation, a report released Thursday by the federal Department of Labor shows, according to a report in the New York Times.
The report said The state’s minimum wage rose to $6 an hour on Jan. 1, 2005, then to $6.75 a year later and to $7.15 on Jan. 1, 2007. The median wage paid to the 4.1 million hourly workers in the state was $12.03 last year, meaning that more than two million New Yorkers earned less than that, the report from the Bureau of Labor Statistics showed.
(Star Ledger)
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The minimum wage has been conclusively demonstrated to be an economic fallacy that causes business to hire less entry-level people and indeed fire people whenever it is raised.