Senator Moorlach Comments on Passage of Minimum Wage Bill

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FOR IMMEDIATE RELEASE                           Contact: Amanda Smith (714) 662-6050
Thursday, March 31, 2016                                                        Amanda.Smith@sen.ca.gov

 

Senator Moorlach Comments on Passage of Minimum Wage Bill

“Once taxpayers who own businesses see tomorrow’s headlines, they will think it’s an April Fools’ joke.”
                                                                  –Senator John Moorlach (R-Costa Mesa)

 

(SACRAMENTO, CA) —   Today Senator Moorlach released the following statement regarding passage of SB 3 (Leno) raising the minimum wage:

 

“We are at an inflection point in our history, and the reverberations of this decision, particularly the law of unintended consequences, will be significant.“Statistics consistently show that raising the minimum wage will eliminate entry-level jobs.  Many workers hoping this change will improve their finances will be sorely disappointed because their job may actually no longer exist.

“California already has a net out-migration. For the first time since World War II, we have a declining K-12 school enrollment.  That means our economy is shrinking.  Los Angeles has not produced a net-new job in over a decade.  This bill will further drive jobs and people from California.

“Once taxpayers who own businesses see tomorrow’s headlines, they will think it is an April Fools’ joke.”

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  • UnitedWeStand

    “CEO compensation these days is roughly $7,000 an hour (that is, assuming a 40-hour workweek). In fact, CEO-to-average worker pay has increased by a factor of 15 from the 1960s ratio of 20 to 1 to the present whopping 300 to 1.. But in some companies it is astronomical. At Chipotle the ratio is 1,522 to 1.. Yes, you read it right. That is not a typo. In some firms, the CEO makes nearly 2,000 times as much as the average worker. At Walmart the ratio is 1,133. Do these CEOs deserve their millions? Not by a long shot. Take the CEO of Coca Cola company. He still pockets $25 million. His rival, the CEO of Pepsico writes a check to himself for $22 million. A pittance to the coolies hurts the economy, supposedly, but the millions to their bosses are quite all right. All you need to do is to channel some of the exorbitant CEO salaries toward the common worker.”

    Author of this statement, John Komlos, is a professor emeritus of economics and of economic history at the University of Munich, and the author of the new textbook, “What Every Economics Student Needs to Know and Doesn’t Get in the Usual Principles Text.” He’s also taught at Harvard, Duke and the University of Vienna.