No Nonsense Economics
Relevant, hype-free insights about what’s happening in the global, U.S., and California economies.
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A few weeks ago Governor Jerry Brown suddenly, and seemingly without warning, reached a deal with union groups under which California’s minimum wage will be sharply raised to $15 per hour by 2022. The measure was quickly rubber-stamped by the state legislature and puts California firmly on a path to one of the highest wage floors in the nation. The complete lack of public debate over this policy…
This year started with a thud rather than a bang as financial markets across the globe saw major selloffs. Analysts liberally assigned the cause of the panic to fears about oil, fears about China, fears about terrorism, fears about deflation, fears about who knows what—perhaps fears about fears. But whatever was driving the alarm appears to have faded. Major stock indexes have already regained much of the ground…
The good news is that El Nino came back in 2016 bringing with it much needed rains and a snowpack that is already well above normal. California’s drought may not be gone—in fact it could go on for some time—but its effects are clearly reduced. That doesn’t mean we should stop talking about water, however. There will be another drought in the state—possibly worse than the last one.…
