Colorado’s Minimum Wage Hike Leads to Massive Layoffs
SOURCE: THELOBBY-CO.COM
Colorado’s decision to raise its minimum wage from $12.32 to $14.77 per hour has ignited a fierce debate over the effects on businesses and workers alike.
While proponents argue that the increase will stimulate the economy and alleviate poverty, critics contend that it will have detrimental consequences for small businesses, potentially resulting in job losses and operational changes.
According to a recent report by the Colorado Restaurant Association, over 40% of the state's restaurants have already reduced staff or hours in response to the wage increase. Major fast-food chains like McDonald's, Burger King, and Wendy's have also announced plans to automate their operations, replacing human workers with machines.
Among the casualties of this wage hike is...