Donald Quintana’s Post

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Director of Financial Strategy & Analysis

“Unprecedented wage hikes have unprecedented consequences. [...] California’s business community and its workers deserve better. We need policies that support growth and stability, not ones that jeopardize livelihoods.” Tom Manzo from California Business and Industrial Alliance (CABIA) No doubt that lives have benefitted from the increasing minimum wage in California, but what are the longer-term implications from rising costs, closing businesses, and those impacted by job cuts? CABIA took out a full-page ad in USA Today last week to call out the recent job losses. An increasing minimum wage puts additional financial pressures on businesses, forcing them to adapt to maintain profitable margins. The strong businesses can survive but the weaker ones are more likely to fall victim to closures. What comes next - do owners find new ventures, do workers move to stronger restaurants, switch industries, relocate to other states or remain unemployed? Those answers will tell the full economic story. More info at: https://lnkd.in/e3pN9N7W https://lnkd.in/eJRJWxni

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