During a speech to the South Jersey Chamber of Commerce, Governor Christie focused on four key issues, one of which was the pending proposal to raise the minimum hourly wage to $15 an hour.
“Let’s listen to the New Jersey Food Council, what they say is going to happen here,” said Governor Christie. “A New Jersey food retailer with thirty stores and almost 4,000 employees currently pays all employees above the minimum wage. An immediate and full increase would cost this company, now it is thirty stores, 4,000 employees, it is going to cost them $50 million. $50 million. Another food retailer who has 150 stores in New Jersey reports that for every dollar in the hourly wage increase, they will have another $1 million per year in increased costs. The Food Council anticipates a significant increase in food prices in New Jersey. They are one of the smallest margin businesses in the state. The supermarkets you go to do not operate on large margins. So you are talking about an increase in your food costs because of this Democratic proposal of 10 to 15%. 10 to 15% in every item you go to the supermarket to buy for your family because of this great idea.”
NJFC looks forward to working with Governor Christie and our business colleagues to demonstrate the dangerous economic impact of 79% hike in the minimum wage.