Fox Dubiously Claims Minimum Wage Increase Harms Small Businesses
Fox News misleadingly claimed that an increase in the minimum wage would harm small businesses. In fact, data show that small businesses in states with a higher minimum wage experience better economic performance and job growth.
However those are not the facts
Center For American Progress: Data Show States With Increased Minimum Wage Had Higher Small Business Job Growth. A 2006 study by the Center for American Progress and Policy Matters Ohio compared small business performance between states using the federal minimum wage and states that had a higher minimum wage, and found that employment in small businesses grew more in states with a higher minimum wage.
Fiscal Policy Institute: "Indicators Of Economic Performance Were Consistently Better" In Higher Minimum Wage States For Small Business Job Growth. According to the Fiscal Policy Institute:
In examining state-level small business job growth, the best government data available permits a comparison of 1998 and 2003; the latter is the most recent year for which the data are available. For the 10 states and the District of Columbia that had set their minimum wages above the federal level for most of this period, indicators of economic performance were consistently better than for the other 40 states where the federal minimum wage of $5.15 an hour prevailed.
NYTimes: Small Business Owners In A State With Higher Minimum Wage "Have Prospered Far Beyond Their Expectations." According to The New York Times: