Popular NY Restaurant Shuts Its Doors, Blames ‘Suffocating’ Gov’t Regulations.
A popular New York City restaurant is closing its doors after 25 years because of what the owners call a stifling regulatory environment that treats the restaurant as a “cash machine.”
China Fun, a Chinese restaurant in Manhattan, announced its Jan. 3 closure because of increases in minimum wage and a city atmosphere that treats “mom-and-pop” eateries like cash cows to pay for all the ills of society, Albert Wu, told reporters. Wu is a representative of China Fun.
“The climate for small businesses like ours in New York have become such that it’s difficult to justify taking risks and running — never mind starting — a legitimate mom-and-pop business,” read a letter posted by the owners in the Chinese restaurant’s front door.
Wu, whose parents Dorothea and Felix have owned the eatery since its inception two decades ago, said the city’s endless amount of paperwork have taken their toll over the years and finally led to the restaurant’s closure.
“When we started out in 1991, the lunch special was $4 a plate,” Wu said. “Now it’s $10, $12. The cost of doing business is just too onerous.”
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This is what happens when you conflate Politics and real world issues with emotions and opinions. Raising the minimum wage feels good. Higher wage jobs are going to help poor people. There’s just a problem with that, you’re trying to treat the symptom and hope that things get better. That’s like getting your finger cut off
and taking pain medication and hoping it gets better. That’s not how it works. Here’s the thing though, what we don’t realize about economics, is that treating the symptom in economics can actually make things worst. Raising the minimum wage for poor people will raise the consumption costs and the standard of living costs via inflation and businesses losing profits therefore passing on the additional cost to consumers just as we’ve seen in Philadelphia when they implemented a SMALL sugar tax on soft drinks.
You force businesses to hire less people or more skilled people which affects minorities and teenagers who might not have the proper or sufficient job skills. That’s just from treating the symptom without acknowledging the real problem in the first place.
Part of the problem is high taxation. Not just income tax on federal or state levels, but sales tax, corporate income tax, property tax, and much more. As well as regulations that cost time and waste money because you must hire a lawyer to protect your business from breaking laws due to unnecessary regulations.
Not to mention regulations that spike up rent costs as well as property tax and corporate income tax that apartment owners have to pay as well as the individual owner having to pay PERSONAL income tax.
You’ve created a problem, now you are attempting to treat the symptoms.
You’ve made the job market ill and you’re trying to treat the symptoms.
