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Guess How California’s Politicians Are Strangling Main Street Business Owners Today

December 18, 2019 By E.J. Smith - Your Survival Guy

The California State Capitol in Sacramento at Night. By Susanne Pommer @ Shutterstock.com

Restaurants in Sacramento are closing up shop citing the impending Jan 1, 2020 minimum wage hike in California.

Some of these institutions have been in business for decades.

The new hourly minimum wage will rise to $13.

Compare California’s min wage to the “open for business” state of Utah. The Beehive state has a minimum wage of $7.50 and, guess what else—rising wages.  

When money is respected, good things happen. That is exactly what’s happening in rich states like Utah.

Here’s the story of one businessman being hurt by the minimum wage hikes from Fox Business:

California’s minimum wage is set for 2020 at $12 an hour for companies with fewer than 25 employees. Because of the rising minimum wage, some restaurants are closing down, saying it’s too unaffordable to be sustainable.

Original Perry’s owner Paul Fraga told FOX Business’ Neil Cavuto on Tuesday his restaurant was open 24 hours for more than 51 years, but five years ago, he noticed something was wrong financially.

“I wasn’t making any money, and my sales were up 20 percent in those five years,” Fraga said on “Cavuto: Coast to Coast.”

Fraga took his books into a financial consultant to get them analyzed.

“I paid him $1,500 for him to tell me that I overpaid by anywhere from 5 to 6 percent,” Fraga said.

According to the California Department of Industrial Relations, California’s minimum wage has changed as follows:

  • 2017 – $10 an hour
  • 2018 – $10.50 an hour
  • 2019 – $11 an hour
  • 2020 – $12 an hour

Fraga said his cooks make more than the minimum wage, so little increases become a significant problem for him.

“For every dollar that goes up, it costs me around $40,000 to the bottom line, and that’s a lot,” Fraga said. “I can’t raise the menu fast enough to compensate that … California is a really rough place to run a small business … everything’s more expensive.”

Read more here.

Originally posted on Your Survival Guy.

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E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com
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