I have often thought that Leftists must believe that unicorns or good fairies bring wealth, because their approach to economics always requires magical thinking. Seattle has mandated a $15.00 an hour minimum wage. Predictably businesses unable to pay the increase are going out of business. That this takes many erst-while supporters of this exercise in prosperity through fiat by surprise is very amusing. Ian Tuttle at National Review Online gives us a case in point:
I’m hearing from a lot of customers, ‘I voted for that, and I didn’t realize it would affect you.
Hibbs opened Comix Experience on April Fools’ Day, 1989, when he was just 21 years old. Over two-and-a-half decades, the store has become a must-visit location for premier comic-book artists and graphic novelists, and Hibbs has become a leading figure in the industry, serving as a judge for the prestigious Will Eisner Comic Industry Awards and as a member of the Comic Book Legal Defense Fund’s board of directors. He notes with pride that his store has turned a profit each year — no small task — since its very first year.
But that may not last. Hibbs says that the $15-an-hour minimum wage will require a staggering $80,000 in extra revenue annually. “I was appalled!” he says. “My jaw dropped. Eighty-thousand a year! I didn’t know that. I thought we were talking a small amount of money, something I could absorb.” He runs a tight operation already, he says. Comix Experience is open ten hours a day, seven days a week, with usually just one employee at each store at a time. It’s not viable to cut hours, he says, because his slowest hours are in the middle of the day. And he can’t raise prices, because comic books and graphic novels have their retail prices printed on the cover. What is a small-businessman to do?
Go here to read the rest. Kipling predicted this long ago:
In the Carboniferous Epoch we were promised abundance for all,
By robbing selected Peter to pay for collective Paul;
But, though we had plenty of money, there was nothing our money could buy,
And the Gods of the Copybook Headings said: “If you don’t work you die.”