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Financial Expert Explains What the $15 Minimum Wage Increase Might Mean for Local Business

By Emily Girsch.
Governor Cuomo has continued to push increasing the minimum wage to $15 an hour.

In support of this change, the Broome Tioga Federation of Labor and Citizen Action of New York will host a "Fight for $15 Campaign in the Southern Tier" on Wednesday in Binghamton.

Fox 40 spoke with financial expert, Greg Lesko, about what this change might mean for local businesses and workers.

Q: What are your thoughts on increasing the minimum wage to $15 an hour?

Lesko: "Increasing the minimum wage is important. The issue is how soon to do it. Unfortunately the governor's proposal is to increase it almost immediately, at least over a short period of time.

The problem that business owners have with that it makes us anti-competitive against other businesses in other states, such as Pennsylvania, which is right over the border.

I know some businesses that have said undoubtedly if the governor raises the rate to $15 an hour, they are moving."

Q: So will this make companies leave New York state?

Lesko: "Undoubtedly, there are companies that have said that they will leave if the minimum wage is raised in the manner that it's proposed. "

Q: Will this help unemployment in any way?

Lesko: "Actually there is some argument that it's going to hurt, that a lot of companies are going to downsize because of the raise of minimum wage.

They're going to use technology for greater efficiency to replace workers so it might be that we see an opposite reaction."

Tune in to Fox 40 on Wednesday to hear about the Fight for the $ 15 Campaign in the Southern Tier.