California Governor Gavin Newsom strikes again. Effective April 1, the minimum wage for fast food workers increased to $20 an hour, making California the highest minimum wage in the United States. Recently, the price of a Big Mac meal at a McDonald’s location in the wealthy town of Darien, Conn., hit $18, and it’s quite possible that across California it won’t be long before a Big Mac alone costs $18 or more in the Golden State.
Hold the sesame seeds please! These cost increases are so sharp that even McDonald’s CEO Chris Kempczinski said on the recent company’s earnings call in February that McDonald’s is having a harder time pulling in lower-income customers. Middle class customers aren’t far behind. With ground beef prices up almost 6% year over year and double the rate of normal inflation, this Gavinomics move of a 25% increase in wages is sure to cost more fast-food workers their jobs to only be replaced by AI
California Minimum Wage Fast Food Workers Cost Increase Job Losses AI
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