California Democrats who pushed through the state’s punitive new minimum wage must be feeling mighty proud about now. Not only are fast-food joints closing or replacing low-end employees with overseas workers and robots, now the law is costing the very people it was supposed to help while decimating consumers’ wallets. Well done! ...
Hoover Institution senior fellow and economist Lee Ohanian showed just how quickly bad policies can wreck an economy. And the damage was done even before the law officially went into effect a month ago today.
“Between last fall and January,” Ohanian wrote, “California fast-food restaurants cut about 9,500 jobs, representing a 1.3% change from September 2023.” By comparison, overall employment in California during that period fell just 0.2%.
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