Avast ye scurvy dogs! $18 for a Big Mac and $20 for a wage? 'Tis Gavinomics, aye! Arrr!
2024-04-02
Arrr, me hearties! Gavinomics be bringin' us all $18 Big Macs and a $20 minimum wage in the land of California. But there be a catch! The state be drownin' in a $68-billion deficit. Shiver me timbers! Me thinks there be some swindlin' afoot!
In a move that has fast-food workers dancing a jig and Wall Street corporations walking the plank, California Governor Gavin Newsom has raised the minimum wage for fast food workers to a staggering $20 an hour. This makes California the highest minimum wage state in the land, but it also means that a simple Big Mac meal could soon cost you a princely sum of $18.McDonald's CEO Chris Kempczinski is feeling the pinch, as costs soar and lower-income customers are sailing away. With ground beef prices skyrocketing, the 25% wage increase could send fast-food workers walking the plank to be replaced by AI.While this move may seem like a treasure trove for workers, studies show that a 10% increase in minimum wage can lead to a 2% drop in employment. The effects of this swashbuckling Gavinomics may be felt in higher prices, increased unemployment, and a deeper deficit for the Golden State.As the salty winds of change blow through California, the future may hold higher prices, higher unemployment, and little financial gain for the middle class. So, grab your eye patch and prepare for a bumpy ride on the economic high seas.