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Its going to suck when virtually every single restaurant and grocery store shuts it's doors in California as the supply side economists have predicted.

youdontknowtho 10y ago
Then what is the option? The state of California bares the cost of not paying people enough to take care of themselves. Massive profits don't seem to be rolling downhill. How do you get the trillions of dollars in corporate profits circulating through the economy? Not trolling, would like to know your opinion.
- cmdrfred 10y ago
  My opinion is meaningless. Economics calls itself a science, and it has made a prediction about the outcome of this law. How accurate that predicition is will tell us if we should listen to it in the future.
  - hueving 10y ago
    No, you have seriously misunderstood economics if you think it predicts that all restaurants in California will close. Lookup supply and demand curves. The price to eat out will just increase, which will subsequently decrease demand and there will be fewer restaurants.
    - coldtea 10y ago
      Or some restaurant owners will just absorb some lost profit margins (for which the difference in new minimal wages paid could have minimal effect anyway)...
  - coldtea 10y ago
    Economics has failed, time and again, to make any accurate predictions, except in the most trivial of matters. It has been called "the dismal science" for this characteristic.
- hueving 10y ago
  The massive profits of those family owned diners or the business from this article that is employing <100 people...
coldtea 10y ago
>Its going to suck when virtually every single restaurant and grocery store shuts it's doors in California as the supply side economists have predicted. Yeah, just like this Rapture thing sucked, as this Harold Camping guy predicted (to speak of another prediction of equal validity). Plus, strange how businesses have not massively moved out of other places where the same or much stricter minimal wage laws were enforced (or minimal wages raised). I wonder what the supply side economists of those places think about it. If somebody seriously believes that, given these laws, "virtually every single restaurant and grocery store [will shut] it's doors in California", I don't know what to say. Let's check back in 5 years to see how this "prophecy" fared related to the Rapture...
VLM 10y ago
"have predicted" Certainly we live in an era of wide spread fake news, leading to all kinds of weirdness where President Hillary today watched the UK sink into the sea, Atlantis-style, as the promised inevitable result of the brexit win, etc. Taking an extreme grain of salt, the linked article implies at least one company owner thought it would be worth the free publicity to announce in public that he talked to the mayor of another town. Despite shrieking insistence from the fake news that the end of the world is at hand, the odds of California falling into the ocean any time soon are quite low.

youdontknowtho 10y ago

Then what is the option? The state of California bares the cost of not paying people enough to take care of themselves. Massive profits don't seem to be rolling downhill. How do you get the trillions of dollars in corporate profits circulating through the economy? Not trolling, would like to know your opinion.

cmdrfred 10y ago
My opinion is meaningless. Economics calls itself a science, and it has made a prediction about the outcome of this law. How accurate that predicition is will tell us if we should listen to it in the future.
- hueving 10y ago
  No, you have seriously misunderstood economics if you think it predicts that all restaurants in California will close. Lookup supply and demand curves. The price to eat out will just increase, which will subsequently decrease demand and there will be fewer restaurants.
  - coldtea 10y ago
    Or some restaurant owners will just absorb some lost profit margins (for which the difference in new minimal wages paid could have minimal effect anyway)...
- coldtea 10y ago
  Economics has failed, time and again, to make any accurate predictions, except in the most trivial of matters. It has been called "the dismal science" for this characteristic.
hueving 10y ago
The massive profits of those family owned diners or the business from this article that is employing <100 people...

coldtea 10y ago

>Its going to suck when virtually every single restaurant and grocery store shuts it's doors in California as the supply side economists have predicted. Yeah, just like this Rapture thing sucked, as this Harold Camping guy predicted (to speak of another prediction of equal validity). Plus, strange how businesses have not massively moved out of other places where the same or much stricter minimal wage laws were enforced (or minimal wages raised). I wonder what the supply side economists of those places think about it. If somebody seriously believes that, given these laws, "virtually every single restaurant and grocery store [will shut] it's doors in California", I don't know what to say. Let's check back in 5 years to see how this "prophecy" fared related to the Rapture...

VLM 10y ago

"have predicted" Certainly we live in an era of wide spread fake news, leading to all kinds of weirdness where President Hillary today watched the UK sink into the sea, Atlantis-style, as the promised inevitable result of the brexit win, etc. Taking an extreme grain of salt, the linked article implies at least one company owner thought it would be worth the free publicity to announce in public that he talked to the mayor of another town. Despite shrieking insistence from the fake news that the end of the world is at hand, the odds of California falling into the ocean any time soon are quite low.