The consequences of raising the minimum wage include more youth unemployment, higher prices and increased automation, says Andy Puzder, the head of CKE restaurants, the parent company of Hardees, Carl’s Jr. and Arby’s.
“Government needs to get out of the way,” Puzder told Yahoo! Finance in an interview Monday. “If government gets out of the way, businesses will create jobs and wages will go up.”
So far, the federal government has largely stayed out of the way. Congress has not taken up President Barack Obama’s call to raise the minimum wage to $10.10 an hour from $7.25. And with the exception of a few companies, like Costco, In-N-Out Burger and Boloco, businesses haven’t taken the initiative to create higher paying jobs.