There’s something worth noting in a Patch article by Mike Carraggi:
A minimum wage bump will see more than $12.4 million in additional pay for Rhode Island workers in 2019. That’s according to an analysis by the left-leaning Economic Policy Institute, which studied all the minimum wage boosts 20 states are seeing this year.
The article notes that 40-cents per hour is “not exactly monumental,” but what it doesn’t mention is that $12.4 million in additional pay is also $12.4 in new costs for Rhode Island businesses. That cost isn’t distributed as widely as the benefits and will hit a much smaller number of businesses, many of which are operating with slender margins as it is.
If our society really thinks the best way to provide welfare is by putting a regulator gun to the metaphoric heads of businesses, so be it, but let’s not pretend the money comes out of nowhere.