California

As we discussed previously states such as California are saying to hell with economics in their efforts to appease their voting base. Yesterday, both New York and California signed legislation to raise the minimum wage to $15 an hour. New York will phase in the $6 an hour increase over three years, and California will phase in their $5 an hour increase over the next six years.

http://www.sacbee.com/news/politics-government/capitol-alert/article69850382.html/video-embed

Earlier his week, California paved the way for a $15/hour minimum wage, in a move that essentially communicated the following message: “..to hell with economics.”

The living wage issue is one of the most controversial debates playing out in America today and it goes right to the heart of partisan politics.

Anyone who’s “feeling the Bern” so to speak, believes they’re entitled to make enough flipping burgers to feed their family. And you know what? They’re wrong. Dead wrong.

California has decided that, in order to protect the poor, it will delay the implementation of state-required safety warnings on canned food. The state argues that stores and shoppers in lower-income areas may be scared away from tinned food which for some is the only available source of fruits and vegetables California officials are worried that ultra-specific labels warning about BPA and other poisonous chemicals placed on metal cans may cause many to run the other way.

Via ConvergEx's Nick Colas,

Our latest quarterly report on the recreational marijuana business shows a vibrant and growing industry as more states legalize the drug.

 

We survey numerous stores in Colorado, Washington, and Oregon to track how a newly legalized market develops its cost structure and product mix. Our Colorado contacts reported steady pricing and customer traffic compared to three months ago, and brought in $576 million in retail marijuana sales last year – 84% more than in 2014.

 

Donald Trump not only beat Marco Rubio last night, he beat the expectations game as well. He crushed Rubio by almost 20 points in the Floridian’s home state. He took Illinois by 10 points over Ted Cruz and 20 points over John Kasich, and in Missouri, he edged out Cruz by the narrowest of margins.