Utter self-awareness fail, as highlighted by the Investor Business Daily editorial board
Ocasio-Cortez Mourns Restaurant Driven Out Of Business By Minimum Wage Law She Backs
Economic Illiteracy: This week, Alexandria Ocasio-Cortez “swung by” to say goodbye to a restaurant where she used to work. What she didn’t say is that it is closing because the owners can’t afford New York City’s soon-to-be $15 minimum wage — the very job-killing policy Ocasio-Cortez and her fellow Democrats want to impose nationwide.
“The restaurant I used to work at is closing its doors,” Ocasio-Cortez tweeted on Monday. “I swung by today to say hi one last time, and kid around with friends like old times.”
She was referring to the popular Coffee Shop in Union Square, which was frequented by A-list celebrities and featured on “Sex and the City.” Despite its popularity, the Coffee Shop is going out of business. Why?
Co-owner Charles Milite told the New York Post that the main reason was “the minimum wage is going up and we have a huge number of employees.”
When you impose a government cost of labor increase of 36%, well, you end up laying off over 150 people.
When TV host Trevor Noah asked Ocasio-Cortez whether a $15 national minimum wage would stifle economic growth, here was her answer:
“Raising the minimum wage to a living wage will expand the economy. It will create wealth in our economy. And it will increase economic activity in this country.”
Except, this ends up causing the closure of many outlets, along with limiting the hours of full time and part time workers, stopping overtime, turning full time workers into part time workers, and so much more.
Obviously, AOC isn’t the only one: virtually all Democrats support this increase. Their policy hurts everyone.
I’ll bet some folks at Boston University have some red faces knowing this dipshit graduated with one of their degrees in Economics.