The New Year brought a dramatic hike in Ontario’s minimum wage.
The fight for fifteen is a job-killing fad and it’s not likely going to reduce poverty.
The the Bank of Canada has warned, of job losses across the country, especially for young people. Employers will raise prices, cut hours, or lay off staff to afford the added costs. Some employers will replace staff with computerized order terminals and check-outs.
The correct solution to poverty, low wages, and youth unemployment is prosperity through economic growth.
Reduce barriers to employment.
Raise the basic individual tax exemption.
Allowing freer trade among provinces, for example, would increase real economic growth by 1.8 percent in New Brunswick, Newfoundland, and Nova Scotia, and to 2.7 percent in Prince Edward Island.
That’s much better than a job-killing fad.