Sunday, June 9, 2024

Price controls deter voluntary, wealth-creating transactions: CA minimum wages increase to $20/hour

 When staking out a position, it is rare for a politician to acknowledge any tradeoffs.  For example, a politician in favor of a minimum wage increase will praise the increased wages for workers, but won't acknowledge that businesses will shut down or fire workers.  That job is left to those on the other wide of the issue:

Nearly 10,000 California fast food workers have been firedthanks to the state's new $20 minimum wage, according to the California Business and Industrial Alliance (CABIA), which slammed Governor Gavin Newsom for the law which went into effect April 1.
Source: ZeroHedge

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