Varney: ‘The 15 Dollar Per Hour Movement... Is Actually in Retreat’

EXCERPT:

VARNEY: "Absolutely right. The $15 per hour movement, so to speak, is actually in retreat. Some places which voted for much higher minimum wage have now reversed that decision. For example, the State of Maine. They voted last November, put up the minimum wage. They have just voted in June, bring it back down again because jobs were frankly disappearing. Same story in St. Louis, Missouri. Put up the minimum wage, get the reaction, down it comes. As you mentioned in Seattle, a study of their minimum wage legislation shows that employers are hiring fewer people, and they're employing people especially in restaurants, for shorter hours. The bottom line is that if you put labor costs up that much, you will have fewer people doing work at that level because employers can’t afford to hire at that level."