The bill would raise the current $8-an-hour minimum wage to $9 on July 1, 2014, and to $10 on Jan. 1, 2016.
The Governor, displaying a total lack of understanding of basic economics, said:
The minimum wage has not kept pace with rising costs. This legislation is overdue and will help families that are struggling in this harsh economy.
What it will do is cause an increase in unemployment. Prices can't be regulated, wage prices or otherwise. It is basic supply and demand economics.
Milton Friedman is good on this one.