Florida Economic Outlook with a $15 Minimum Wage
“In another setback for pro-growth policy, Florida voters approved a measure incrementally increasing the state minimum wage to $15 per hour over the next five years. Unfortunately, even though the minimum wage increase was supported by voters after a well-funded campaign effort by supporters, the consequences for Florida’s economy remain. Rich States, Poor States estimates Florida’s economic outlook ranking will fall from seventh to 11th once the minimum wage reaches $15 per hour.”
State Voters Weigh In On Taxes — With Some Surprising Results
Florida Chamber of Commerce Shares Concerns Over Passage of America’s first State Constituted $15 Wage Mandate
Millions of servers, teens and part-time workers will be hit the hardest
TALLAHASSEE, FL (November 3, 2020) – In the wake of the passage of Amendment 2 – a $7 million ballot proposal designed to help drive voter turnout, the Florida Chamber of Commerce lays out concerns for Florida’s future.
With the passage of Amendment 2, Florida is now the only state with a constitutionally-mandated minimum wage. The forced cost of living adjustments mean Florida will have the highest minimum wage in the nation long after 2026. Further, studies show this amendment will cause Florida to lose hundreds of thousands of jobs, drive up inflation, and cost Florida more than $700 million in lost revenue.
“Amendment 2 is bad for Florida and even worse for Floridians,” said Mark Wilson, President and CEO, Florida Chamber of Commerce. “In these difficult times, this costly amendment hurts the very local businesses trying to survive the COVID-19 pandemic.”
For the past year, we have unified Florida’s business community in an effort to educate Floridians about the negative consequences of the governed mandate. Now that the Amendment has passed, it is important to highlight these five major concerns as we work to secure Florida’s future.
- The cost of living on seniors and families will increase;
- Florida will lose hundreds of thousands of jobs;
- There will be a rapid expansion of work related automation;
- Certain businesses will relocate to neighboring states for experienced labor at a more competitive rate and on-the-job training initiatives will decrease; and
- Certain employees will see a reduction in benefits.
After personal injury trial lawyers spent millions trying to make life more expensive for Floridians and kill opportunities for teens and those in the entry level job market, it is no surprise that Floridians were tricked into believing this Amendment will help our state. The Florida Chamber of Commerce will continue to work towards securing Florida’s future and aggressively oppose mandates that are wrong for Florida. We have nearly 900,000 children in poverty in Florida and thanks to the special interests behind this constitutional scam, hundreds of thousands of them won’t have opportunities they would have had.
Amendment 2 passed on election night by a narrow margin
to increase Florida’s minimum wage gradually to $15 an hour. Employers
will have many questions as the constitutional amendment is implemented.
As an initial guide, please see “5 Things You Should Know” on the minimum wage law put together by Fisher Phillips.
Thank You to These Local Chambers of Commerce who Stood with the Florida Chamber Against Amendment 2:
Anna Maria Island Chamber of Commerce
Business Voice of East Central Florida
Chamber of Commerce of the Palm Beaches
Citrus County Chamber of Commerce
Daytona Regional Chamber
Destin Chamber of Commerce
Estero Chamber of Commerce
Greater Boca Raton Chamber of Commerce
Greater Fort Myers Chamber of Commerce
Greater Gainesville Chamber of Commerce
Greater Palm Harbor Chamber of Commerce
Greater Pasco Chamber of Commerce
Greater Sarasota Chamber of Commerce
Greater Winter Haven Chamber of Commerce
Indian River Chamber of Commerce
Islamorada Chamber of Commerce
Jackson County Chamber of Commerce
Lake Nona Regional Chamber of Commerce
Lakeland Chamber of Commerce
Main Street DeFuniak Springs
Manatee Chamber of Commerce
Melbourne Regional Chamber
Miramar Pembroke Pines Regional Chamber of Commerce
Niceville Valparaiso Chamber of Commerce
Northeast Polk Chamber of Commerce
Palm Beach North Chamber of Commerce
South Lake Chamber of Commerce
St. Johns County Chamber of Commerce
Stuart/Martin County Chamber of Commerce
Tampa Bay Beaches Chamber of Commerce
Tavares Chamber of Commerce
Venice Area Chamber of Commerce
Walton Area Chamber of Commerce
West Orange Chamber of Commerce