May 31, 2017
Minimum Wage In Illinois
The American Action Forum (@AAF) released a new infographic today that examines the economic impact if Illinois were to increase its minimum wage to $15/hour. Specifically, the AAF research found that:
- Increasing the minimum wage to $15 per hour in Illinois could cost the state 382,200 jobs by 2025, virtually erasing all job growth over the next decade.
- Illinois is in no position to absorb this shock, as its struggling labor market already lags the rest of the United States.
- The proposed tax credit for businesses with fewer than 50 workers will likely do little to mitigate these negative consequences because most minimum wage employees work for businesses with more than 50 workers and the tax benefit itself is small and temporary.