Monroe Chamber not favorable of $10 minimum wage - KNOE 8 News; KNOE-TV; KNOE.com |

Monroe Chamber not favorable of $10 minimum wage

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MONROE, La. (KNOE 8 News) - The Monroe Chamber of Commerce Board of Directors voted to oppose a resolution that was on last week's Monroe City Council agenda asking Representative Marcus Hunter to introduce a bill in the 2014 Louisiana Legislative Session to establish a $10 per hour minimum wage for people employed in the city limits of Monroe. This bill would apply only to people employed in the City limits of Monroe and to no other city in Louisiana.

Currently the U.S. federal minimum wage is $7.25 per hour. The State of Louisiana does not have a minimum wage. If enacted, a $10 per hour minimum wage would result in a massive 39% increase (more if other benefits like pensions are included) and it would threaten the job prospects of entry-level workers and potentially all workers in the City of Monroe.

A recent National Federation of Independent Businesses study found that enacting increases in minimum wage results in significant job loss and a reduction in output. In addition, NFIB believes there is an emulation effect when a minimum wage is enacted in which individuals currently making just over the proposed minimum wage also ask for a wage increase.

The U.S. Chamber also opposes minimum wage hikes and believes that increases to minimum wage kill job creation. According to the U.S. Chamber small businesses simply do not have the revenue to pay for increases of this magnitude and must pass on the increased costs to their customers.

The Monroe Chamber believes that a $10 per hour minimum wage for employers located in the city limits of Monroe will drive business out of Monroe resulting in massive job loss for city residents. It sends the wrong message to businesses currently located in the city and to prospects considering Monroe. If passed, this bill would significantly harm the economy and future prosperity of the City of Monroe.

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