In a race to the bottom, major cities are showing that they too can destroy economies, and that they can do it even faster than the Central Banks.
As these cities begin to lose their commercial base, what steps are they going to do to step in and halt the slide? Will they ask their neighboring communities to level the playing field by raising pay rates?
Will they ask the state to forbid businesses from relocating? Will they outlaw automation?
If these cities believe that they have had a hard time since the last recession, they have not seen anything yet.
The first thing to disappear will be jobs at marginal businesses, and there are thousands of marginal businesses in every city.
Those storefronts will go dark, dragging down Commercial Real estate in it’s wake.
More people will be applying for assistance as they have no jobs and no prospects.
New businesses will refuse to open new locations in the $15 corridors.
For many reasons this is a great opportunity. if you believe in freedom, then you should choose NOT to shop in the $15 Zone. Why? Because the businesses are going to try, if they can to pass this increase on to you. Yes you.
The bottom line is that the $15 Zones created are an effort by cities to tell you that you are not paying enough for the goods and services that you purchase within their limits.
It is doomed to failure. And you cannot forced us to support it unless the wages are forced up across the nation entirely where we simply cannot afford it. And that will be the next call for action, as these cities begin to die an agonizing death as business spirals down.