Salem, Ore. – State Senator Tim Knopp is reacting to a new report on the cost of raising minimum wage in Oregon to $15 an hour.
According to Senate Republicans, when fully phased in, the minimum wage hike will cost Oregon businesses $3.178 billion over two years. The estimate on the impact report was released by the Legislative Revenue Office.
“Small businesses cannot afford the numerous new regulations proposed by Democrats this session,” said Senator Tim Knopp (R-Bend). “First we heard a proposal to mandate paid sick leave at the cost of almost $1 billion for Oregon businesses. Now, Democrats want to raise the minimum wage at the cost of $3.178 billion for Oregon businesses when the mandate is fully implemented. This will lead to more small businesses shuttering their doors and higher prices for Oregon families.”
In addition to the two-year, $3.178 billion price tag for a fully phased-in $15 minimum wage, proposed paid sick leave mandates would cost businesses $939 million over the next two years.
“Small businesses are the foundation of Oregon’s economy, and we should not be piling on hundreds of millions of dollars in additional costs when employment has finally fallen below the national average and the economy is recovering,” said Senator Kim Thatcher (R-Keizer). “Creating a more job-friendly environment should be our top priority, and these expensive policies will kill jobs, not create them.”
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