If you want to understand why businesses are leaving California, investors are looking elsewhere and common-sense economics seems to have disappeared from public policy, look no further than Los Angeles.
In a move that should surprise absolutely no one familiar with California politics, Los Angeles leaders approved a plan to push hotel and airport worker wages to $30 per hour. Supporters call it the “Olympic Wage,” arguing that workers should benefit from the economic activity generated by the 2028 Summer Olympics. While that may sound compassionate, it reveals a fundamental misunderstanding of how businesses operate and how capitalism works in America…