Article by Spencer Ricks originally published by KSL.com on Friday, May 29, 2015.
“But raising the minimum wage in Utah will not be without consequences, said Natalie Gochnour, chief economist for the Salt Lake City Chamber of Commerce.
Gochnour said an increase in Utah’s minimum wage is unlikely to happen before the federal minimum wage is increased.
“There’s an old saying in economics that goes, ‘there’s no such thing as a free lunch,’ ” Gochnour said. “Labor is a commodity. A modest increase in minimum wages would not affect the economy. But a large increase in minimum wages would make business’ profits fall and prices rise.””
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