In recent months, a growing narrative has emerged blaming Governor Gavin Newsom’s minimum wage hike to $20 an hour for the struggles faced by California’s fast food industry. Critics argue that this wage increase is driving restaurants out of business, yet a closer examination reveals that this simplistic explanation overlooks broader, more complex factors affecting…
In a significant development for the California restaurant industry, Rubio’s Coastal Grill has announced the closure of 48 of its locations across the state. The decision comes in the wake of the state’s new $20-an-hour minimum wage for fast food workers, which took effect on April 1. The Mexican chain cited the rising cost of…
Unrealized losses in the US banking system are surging again, as reported by the Federal Deposit Insurance Corporation (FDIC). The latest figures show banks are now burdened with over half a trillion dollars in paper losses, primarily due to exposure to the residential real estate market. The 2008 Crisis needed an 800B tax payer bailout…
California has been facing an insurance crisis that has impacted homeowners and the state’s economy at large. Large carriers have been fleeing the state at a worrisome pace and Governor Gavin Newsom has finally spoke out on a plan of action to course correct the market. Many insurance companies have been leaving California for reasons…
If President Joe Biden and the federal government decided to recklessly spend with credit cards without paying off the balances, they would see their debt grow quickly due to high interest rates. Unfortunately, this scenario isn’t far from reality, as the national debt has surged from about $27 trillion to $34 trillion since Biden took…
California’s minimum wage increase had immediate adverse effects on the fast food industry. In addition to mass layoffs and location closures, many franchises have resulted to increasing menu prices in order to afford to pay their employees. The most recent upset comes from a chicken nugget meal that costs an almost inconceivable $25. “McFlation” is…
Pixar Animation Studios has announced historic layoffs, impacting approximately 14% of its workforce – around 175 employees. This move comes as parent company Walt Disney focuses on quality theatrical releases and refocuses efforts from Disney+ feature films. However, consumers wonder if the workforce cuts mark the beginning of the end for streaming. The long-awaited job…
Less than 2 months after the minimum wage for fast-food industry workers was raised to $20 an hour (previously $16 an hour), California workers in other industries are wondering when they will be granted a piece of the pie. However, mass layoffs are calling into question the effectiveness of increasing wages so drastically. California is…
President Joe Biden once criticized Donald Trump’s tariffs on Chinese imports, claiming American consumers were paying them. However, his administration has now announced new tariffs on $18 billion worth of goods from China, marking a significant shift in policy. In 2019, Biden accused Trump of not understanding the basics of economics and suggested that Americans…
California’s Governor Gavin Newsom was probed about spending the entirety of the Golden State’s $24 spending budget to manage homelessness in a recent press conference. Newsom has been under fire for poor budget management as California reaches soaring state deficits. In the press conference held on Friday, May 10, he asserted that California’s state deficit…
