Small Business and the Fight for $15

A new study shows how a rising minimum wage hurts little companies.

The week's best and worst from Kim Strassel, Jason Riley, Mary O'Grady and Dan Henninger. Image: Marco Passaro/Zuma Press

Here’s another volley in the debate over the “Fight for $15”: As the federal minimum wage rose from 1989-2013, small businesses in affected states suffered “lower bank credit, higher loan defaults, lower employment, a lower entry and a higher exit rate.”

That’s according to a study last week from the National Bureau of Economic Research. The analysis by three professors at the Georgia Institute of Technology exploits the fact that many states—now more than half—set their own minimum wages higher than the federal standard....

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