California is the latest state to dive headfirst into the shallow waters of raising the minimum wage. Predictably they are about to suffer, not a broken neck, but instead further injury to their already lackluster economy. Governor Jerry Brown recently announced a deal to raise the state minimum wage to $15 an hour by 2022. This follows the efforts of other cities to raise their minimum wage last year, specifically Seattle and San Francisco. How did that work out? For large businesses that could pass on the wage increase to customers, no big deal. For smaller businesses such as bookstores or restaurants, not so well. Small businesses in competitive markets are unable to raise prices enough to cover their higher labor expense and instead reduce workers’ hours or simply reduce workers. Los Angeles-based American Apparel, employing 4,000 workers, responding to the wage increase, “Said it might outsource the making of some garments to another manufacturer in the U.S.,...(Read Full Article)