News Report: BMW dealers in Hollywood report that import car tariffs aren’t affecting sales to their multimillionaire clients at all.
Not a big shock, right? The more money people have, the less price points matter to them.
It’s Economics 101.
Which is why “journalists” and progressives (ptr) never, ever get it.
Remember Obama’s 2014 State of the Union? When he praised Saint Paul’s “Punch Pizza” for paying its employees well above the minimum wage? Of course, as I pointed out at the time, Punch is a high-end pizzeria in a posh neighborhood that aims toward a high-value clientele on Grand Avenue in Saint Paul; I wouldn’t doubt that in a neighborhood full of “living wage” activists, starting people at $10 an hour at above the minimum wage is good marketing. But Punch Pizza is no Taco Bell; its dozen or so outlets are located in upscale areas, where people think nothing for dropping $20 for lunch and a lot more for dinner and drinks. It’s a tony niche retailer that gives a robust markup for an uptown dining experience. And I’m gonna guess they an pick and choose their hires, even now, unlike the McDonalds and White Castles they’re not actually in competition with.
I thought about that in reading this piece, claiming NYC’s $15 minimum wage is a net gain…
As New York raised the minimum wage to $15 this year from $7.25 in 2013, its restaurant industry outperformed the rest of the US in job growth and expansion, a new study found.
The study, by researchers from the New School and the New York think tank National Employment Law Project, found no negative employment effects of the city increasing its minimum wage to $15.
Restaurant workers in the city saw a pay increase of 20% to 28%, representing the largest hike “for a big group of low-wage workers since the 1960s,” James Parrott, a director of economic and fiscal policies at the New School and an author of the study, told Gothamist.
While the city’s restaurant growth is likely a result of the city’s overall strong economy, the report’s findings might suggest that paying workers more won’t immediately lead to job loss or other negative business consequences as previously thought.
And when the current boom in people with disposable income tails off, the artisanal chicken will come home to their $5K a month walkups to roost.