Price vs. Demand...A Previously Unknown (To The Fools In NY Politics) Relationship Rears Its Ugly Head

This is not a difficult concept to understand. Grab any 3rd grader after his chores are done and he got his allowance, and a few minutes with a handful of candy and his hard-earned nickels will be enough for him to get it. But I guess the elites are above all of that basic economics, and have moved to a higher and more refined level of understanding.

The new minimum wage is killing NYC's once-thriving restaurant scene

New York City restaurants are eliminating jobs, reducing employee hours and raising prices due to the higher costs of the $15-per-hour minimum wage.

A once-growing industry is contracting, according to an online survey conducted by the New York City Hospitality Alliance, an association representing restaurants in the city.

Last year, “full-service restaurants recorded a 1.6 percent job loss, which is the first recorded annual loss in two decades,” said Andrew Rigie, executive director of the trade group.

And in case you weren't already confident that Andrew Cuomo is a knuckle-dragging, booger-eating idiot, here is part of the statement from his office. The stupid is perfect; all-encompassing, 360°s of blinding ignorance.

The fact is that increasing the minimum wage puts more money in the pockets of hardworking New Yorkers, which creates more demand for local businesses and increases economic activity.

Or something....my head hurts now.

posted by CBD at 12:25 PM

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