According to the New York Farm Bureau, the lobby group for the state’s agricultural community, net farm income plunged to one-third of the total 2013 income in 2016.
And that drop, as the Press-Republican reports, was largely precipitated by Gov. Andrew Cuomo’s decision to sign a state-mandated increase in the minimum wage for labor into law in 2016. Although the federal minimum wage is $7.25 per hour, the state’s is now $10.40 per hour in upstate counties, increasing to $12.50 on December 31, 2020. Federal statistics reveal the average farm wage in New York is now roughly $13 an hour.
Several farmers told the Press-Republican that the combination of higher minimum wages, rising costs and depressed commodity prices have led to the closing of several farms; Joseph Giroux, a Beekmantown dairy farmer, acknowledged, “We’ve had a few farms go out because they just couldn’t compete anymore.” Farm Bureau President David Fisher echoed, “There is a lot of stress in the countryside,” adding, “If the state is going to force a higher wage on farms, they should be prepared to offer greater assistance to offset the costs”. – READ MORE
Restaurants are feeling the heat as minimum wage increases across the country have been putting a strain on profit margins, leading at least one industry insider to assert that “thousands” of establishments may soon be forced to close.
Eighteen states saw minimum wage increases on Jan. 1, 2018, and while a raise in hourly pay may be beneficial to employees in the short term, the financial hold it places on restaurants could push the industry to the brink, in a similar manner to the so-called “retail apocalypse.”
Willie Degel, host of the TV program “Restaurant Stakeout” and the CEO of Uncle Jack’s Steakhouse, thinks the minimum wage increases could cause many establishments to go out of business.
“I think you’re going to see thousands of restaurants close their doors,” Degel told Fox Business.
“Fine dining is going to go by the wayside.”
“There’s no such thing as a free lunch,” as the old saying goes. Now, thanks to liberal meddling, there’s no such thing as a cheap Subway sandwich, either — at least not in Seattle.
The well-known sub chain recently reintroduced its “Five Dollar Footlong” promotion that was a major success years ago, driven by one of the most effective ad jingles in recent memory.
At least one Subway in Seattle won’t be participating in the promotion, however. It turns out that stifling regulations and the constantly-rising minimum wage aren’t magic solutions after all.
“We are not participating in the $5 Footlong promotion,” a sign spotted at the restaurant explained.
“The cost of doing business in the City of Seattle is very high. We are balancing the highest minimum wage in the nation, paid sick leave, ACA, Secure Scheduling, Soda Tax and much more,” owner David Jones wrote.
— Washington Policy (@WAPolicyCenter) January 9, 2018
“The biggest cost driver, as Jones’ sign mentions, is Seattle’s highest-in-the-nation minimum wage. It went from $9.47 to $11 per hour in 2015, then to $13 per hour in 2016, with a further increase to $15 per hour planned,” explained Reason Magazine. – READ MORE