The emergence of another casualty of California’s decision to hike the minimum wage to $20 per hour comes as no surprise to anyone who understands basic economics: the real minimum wage is actually zero.

When making their way to work Monday morning, Navarro and her team learned upon arrival that the restaurant owner had made the decision to close its doors for good. The owner, Loren Wright, told local Fox affiliate KMPH that this was the “last thing” they wanted to do, but knew by Friday night the business likely wouldn’t be able to absorb the wage hike…

“And those who are still working in the areas around us that went up to $20 an hour, they got their hours severely cut.”

If even a conservative government can rack up this kind of debt, there’s no comfort in knowing that a liberal government would rack it up even faster. There’s virtually no political constituency for smaller government left anywhere on the planet, perhaps with the exception of Argentina.

Ontario is delaying its path to balance as lethargic economic growth drags the province’s books further into the red, with a $9.8-billion budget deficit projected for the coming fiscal year.

The deficit for 2024-25 is almost double what the province projected in the fall economic update. That document had also eyed a return to surplus the following year, which was already delayed a year from the 2023 budget. Bethlenfalvy now projects that a small surplus will not happen until 2026-27. In 2025-26, the deficit is forecast to be $4.6 billion.

If a privately run pension fund made these kinds of investment blunders, it probably wouldn’t be long for this world. But if the state pension does it, presumably they can just up the contributions from their captive audience.

Canada Pension Plan Investment Board has done three deals at discounted prices, selling its interests in a pair of Vancouver towers, a business park in Southern California and a redevelopment project in Manhattan, with the New York stake offloaded for the eyebrow-raising price of just US$1.

Around the same time, CPPIB sold its 45 per cent stake in Santa Monica Business Park, which the fund also owned with Boston Properties, for US$38 million. That’s a discount of almost 75 per cent to what CPPIB paid for its share of the property in 2018.

After the death of Mao, China’s embrace of free markets sparked one of the largest economic booms the 20th century has ever seen. But is China now in regress as the communist party tries to widen its control over the economy?

Xi expects business as well as people to serve the CCP. As authoritarian controls metastasize throughout the economy, everyone suffers. For instance, even foreign enterprises now must accommodate party cells. The Wall Street Journal’s Lingling Wei reported on a Chinese “official, one of several who had helped introduce Western-style stock trading to China,” who cited “a worrisome trend of the party inserting itself more into companies’ affairs by pressuring them to accept Communist Party committees in their offices. ‘The whole thing about getting listed companies to set up party committees,’ he said, ‘is a reversal of what we had tried to do’.”