Opinion: 'A surging economy makes the Democratic campaign to raise the minimum wage superfluous,' AndyPuzder writes
Printing currency at the Bureau of Engraving and Printing in Washington. By Andy Puzder April 3 at 3:03 PM Andy Puzder is the former chief executive of CKE Restaurants and the author of “The Capitalist Comeback.”
I found that when government artificially increases wages above the going market rate, employers react by reducing labor costs so they can stay in business. That generally means reducing the number of employees and hours worked . I also found that during periods without meaningful job growth, employees are in the unenviable position of competing against one another for the available jobs.
The Republican tax cuts of 2017 and the Trump administration’s focus on deregulation and domestic energy production have accelerated U.S. economic growth. As a result, employers are aggressively competing for employees, rendering attempts to raise the minimum wage to $15 by 2024 largely moot. The evidence is hard to miss.
The competition for employees is showing up in economic data. In February, the Bureau of Labor Statistics reported that the percentage of Americans with jobs stood at 60.7, the highest percentage since December 2008. The labor participation rate, the number of people working or actively looking for work, was more than 63 percent for the third consecutive month. The last time that happened was 2013 .
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