California Cruises Towards $15 Hr Minimum Wage: Expect Budget Deficits, Higher Taxes, Job Losses

by Mike ‘Mish’ Shedlock
Mish Talk

California governor Jerry Brown has proposed a $15 minimum wage by 2022. If the legislation passes, it will wreak havoc on city budgets, state budgets, businesses, and jobs.

Please consider California Moves Toward $15-an-Hour Minimum Wage.

Gov. Jerry Brown’s administration has told leaders in the Democratic-controlled state Legislature he supports boosting the state’s minimum wage to $15 by 2022, a person familiar with the matter said. The approach would give the governor some control over an issue that looked set to be decided directly by voters in November.

Moving ahead with the plan would give the most populous U.S. state the nation’s highest minimum pay floor. The minimum wage in California is now $10 an hour, already one of the highest of any state, though some cities have set higher minimum levels.

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