At least there are a few smart people out here on the Left Coast…but none of them are obviously state lawmakers! Yesterday our Democratic “Peoples Governor” Jerry Brown, signed into law a $15 per hour minimum wage; now the highest in the nation!
Below is a letter in yesterday’s WSJ from a Mr. Henry Schmid of Sonoma, Kaleephorneeah. Assuming his math is correct, my hat’s off to Henry. In his letter he details who makes out the best under the new law and it is NOT the hourly worker! Yep, you guessed it, once again it’s Your Uncle Sam and this time Uncle Jerry will share in the wind fall…at the expense of the workers who can least afford it!
Read for yourself below…Mr. Schmid examples a family of four with both adults working for the minimum wage of $15 an hour, will send the government $7,778 more each year and the family will lose it’s annual $2,400 food stamp credit. So how’s that for real sound fiscal thinking?
You may also want to read my thoughts on why California is going broke written on March 22nd on this sight.