The Bay State, which hiked its minimum wage from $8 to $9 at the start of 2015 and to $10 on the first day of 2016, is now mired in its longest stretch of net job losses since the recession in both the retail and the leisure and hospitality sectors, Labor Department data show.
Wherever cities implemented big minimum-wage hikes to $10 an hour or more last year, the latest data through December show that job creation downshifted to the slowest pace in at least five years.
Wal-Mart’s second profit warning in two months should be a wake-up call for the political left. If America’s largest private employer is struggling with its own pay increases, how will other businesses cope with even larger minimum-wage hikes?
Much of the media and many politicians blame the San Joaquin Valley’s water shortage on drought, but that is merely an aggravating factor. From my experience representing California’s agricultural heartland, I know that our water crisis is not an unfortunate natural occurrence; it is the intended result of a long-term campaign waged by radical environmentalists who resorted to political pressure as well as profuse lawsuits.
Business Climate: Last year’s tax hike was a short-term fix, at best, for the Golden State’s woes. For lasting prosperity, job creators need to trust the politicians. Right now, they don’t.