The Ugly Truth About the Minimum Wage
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All right, ladies and gentlemen, start your layoffs. California, their fast. All caps recovery act that was passed in law in the twenty twenty two going into effect. Yeah, twenty dollars an hour minimum wage for franchises. Again, this makes little to no sense to me at all, quite frankly, so.
franchise, you have to have a chain that has 60 or more locations within the state of California. Now most, again, most of these chain restaurants are not owned by the parent corporation. They’re owned by mom and pops out there. You want to be McDonald’s, Burger King, whatever it may be, they own a franchise. So again, you try to explain to me how this makes any sense at all. It doesn’t.
But now we’re already starting to see mass layoffs, a lot of the pizza chains, thousands of workers have been laid off. Mind you, California’s got the highest unemployment rate in the country. So this is not going to help matters much. You do the math, $20 an hour minimum wage or $40 ,000 a year. And actually, I played with the inflation calculator because I remember one of the
kids in my graduating class. So one of the highest paid people was a buyer for like Saks Fifth Avenue at the time was getting like $38 ,000. This is decades ago, obviously. That’s about $87 ,000 equivalent today, which, you know, not too shabby. But I think about the the countless minimum wage jobs I had in franchises and food courts and
small restaurants back in the day. And I don’t understand what was that date? What was that point in time where, again, you work at a fast food restaurant, when that job became something where you were supposed to be able to support a family of four? I mean, unless you worked your way up and you ended up becoming a manager, it’s a great scene.
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from coming to America with Louie Anderson, he meets Akeem and Simi, he’s like, hi, I was like you guys. Now I’m washing lettuce, now next year I’m gonna be on, food will be on fries and next year I make assistant manager and that’s when the big bucks start rolling in.
I go back and I think it was the last job I worked in a food court and mall was on break from college one Christmas and we were all kids, college kids, you know, working in the food court aside from the manager. That’s it. It’s all kids. Um, I, I, the whole concept surrounding minimum wage, quite, quite frankly is some.
It’s patently absurd in and of itself. You’re going to see massive layoffs. You’re going to see automation in a myriad of different things. That’s going to continue. You’re going to see, again, they already got some of these fast food joints working with robotics. And you’re going to see crews having to work that much harder. That much harder. I know what I would do quite frankly is I have to as a restaurant. You got to.
make money, you got to show private say, okay, I’m gonna go to my most productive workers there. And I’m gonna say, hey, listen, I’m gonna pay a much more pay much more than $20 an hour, but you’re going to be doing you’re gonna be working that much harder. I’m gonna really need you to really bust your butt and hustle. And that’s essentially that’s, you know, you’re gonna what’s gonna have to happen. Governments can’t set.
can’t set the minimum wage, they can. And all they’re going to do is they’re going to force prices up, or they’re going to force companies out of business. It’s just that simple. The market needs to decide what wages are going to be. That’s quite frankly, that’s just the reality that’s out there. And you know, every single time you get governments trying to tinker with this stuff to make themselves a good pat themselves on the back, it’s not going to get anywhere.
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what you’re going to see is job loss across the board. It’s already happening. It’s already happening. And it’s again, as plain as day. Watchdog on wallstreet .com.
