by Karl Denninger, SHTFPlan:
SHTFplan.com Editor’s Note: Seattle recently implemented a minimum wage hike to $15 per hour. Proponents of the country’s most stringent wage requirements on businesses said that higher wages will be good for the people and the economy because when people make more money they’ll spend more. Sounds like a fairly sound argument, until you consider where that extra $5 per hour comes from. Politicians who favor forced mandates such as minimum wage increases without regards to mentioning how the bottom line of businesses in the city will be affected do their constituents a great disservice.
As Karl Denninger explains in the commentary below, businesses in the area just saw a massive increase in their labor costs (and let’s not even mention new Obamacare health insurance requirements and taxes). There are really just three possible solutions here:
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