It has long been a subject for debate whether an increase in the minimum wage has a negative impact on local economies, but in response to 43 state and local minimum wage hikes over the past several years compiled by the Employment Policies Institute, business owners from across the country have reported that they have had to raise prices or reduce the number of employees and in some cases, may need to close altogether.  To drive the point home, the New York City Hospitality Alliance reported on a recent study it conducted that found 47 percent of full-service restaurants planned to eliminate some number of jobs this year because of the latest increase in the New York state minimum wage ($11.10 as of 12/31/18). The old adage “watch out what you ask for, you might get it!” springs to mind here!