On Friday, July 24th, the new minimum wage will go into effect.  In another example of the unintended consequences of government intervention, the 11% increase will raise the minimum wage by $0.70 per hour and will likely lead to layoffs, fewer hours and slower hiring of new employees.  Exactly what our country doesn't need right now. 

Forget what the economists theorize about the increase, let's hear from a business owner.  As Dionne Walker reports in the story,  "Ryan Arfmann, who owns a Jamba Juice shop in Idaho Falls, Idaho, will be cutting hours to his staff, which is made up largely of college students, high schoolers and homemakers who want to make a few bucks."Am I going to fire anybody, no," Arfmann said. "But kids understand there's going to be hours cut."  Arfmann said he wishes the increase was spread out over a few more years, to make it easier for him to absorb the costs. He also is concerned that he'll end up having to give everybody raises just to maintain pay differentials between employees. "People who are already getting paid above $7.25 are going to feel like they need raises as well," he said. "It's harder for me to reward employees that are doing well because of minimum wage being so high."