Testimony Submitted to the House Republican Policy Committee. The political party that can brand itself as the party of entrepreneurs and innovation is the party that will make headway towards claiming the millennial generation.
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An increase in the fast food minimum wage to $15 an hour, as the Wage Board is considering, represents an increase of 66 percent. According to the Bureau of Economic Analysis, labor costs account for slightly more than one-third of revenue for food and drinking establishments. Assuming no substitution effects, prices would go up by about 22 percent. If management could substitute away from direct labor, prices could go up by about 15 percent. To assume that prices would not increase with a 66 percent labor price hike is economic naïveté.
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