Latest / Turley Talks / Ep. 4094 Mamdani BACKPEDALS As 9,600 Restaurant Jobs VANISH From NYC Under His Wage HIKE!!!

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Ep. 4094 Mamdani BACKPEDALS As 9,600 Restaurant Jobs VANISH From NYC Under His Wage HIKE!!! · Turley Talks

• 0:00
  [SPEAKER_00]: The liberal globalist order is on its brink and awakening a new conservative age.
• 0:06
  [SPEAKER_00]: On Dr. Steve Turley, join me every day as we discover answers to today's toughest challenges and explore the re-bondalization of conservative civilization.
• 0:18
  [SPEAKER_00]: This is Turley Talks.
• 0:21
  [SPEAKER_00]: Mayor Zorn Mamdoni is collapsing.
• 0:31
  [SPEAKER_01]: Oh, no, we're not, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no, no
• 0:41
  [SPEAKER_00]: That's Mamdon, a getting boot off stage in Staten Island this week and that's part of a growing chorus in New Yorkers who are experiencing major buyers remorse and at the latest data reports about recent job losses in the city or accurate New Yorkers haven't seen anything yet.
• 0:58
  [SPEAKER_00]: Stick them to the very end of this video because we're going to see how Mamdonis, socialist policies are already having a disastrous effect on the city and precisely why those
• 1:10
  [SPEAKER_00]: forcing mandani off the stage are just getting started.
• 1:15
  [SPEAKER_00]: Hey, gang, it's me, Dr. Steve, your Patre professor, you'll help you make sense of the madness with breaking news and analysis.
• 1:21
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• 1:22
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• 1:26
  [SPEAKER_00]: When Zorn Mandoni isn't busy wasting tens of millions of dollars on government run grocery stores, he occupies himself with plans to raise the minimum wage to an astounding
• 1:44
  [SPEAKER_00]: The plan phases in increases for large employers from today's $17 an hour to $20 an hour in 2027.
• 1:51
  [SPEAKER_00]: $23 an hour in 2028, 26 in 2029, and then finally 30 in 2030 with smaller businesses given until 2032.
• 1:55
  [SPEAKER_00]: Counts of members, Sandy Nurse formally introduced the legislation in March of this year.
• 2:10
  [SPEAKER_00]: What was particularly notable is that the bill also ends up eliminating the tip credit for restaurant workers requiring owners now to pay the full minimum wage regardless of tips and that is precisely where restaurant owners in particular are crying foul.
• 2:31
  [SPEAKER_00]: In fact,
• 2:32
  [SPEAKER_00]: They're crying foul over the whole 30 by 30 nonsense in general, and that's because it's being widely recognized that restaurants in particular simply cannot sustain or absorb that massive cost increase.
• 2:48
  [SPEAKER_00]: Vital City NYC built an actual economic model from mid-sized New York restaurant.
• 2:54
  [SPEAKER_00]: $2 million in annual revenue, a 5% profit margin, which is very, very thin, but it's typical for the restaurant industry.
• 3:03
  [SPEAKER_00]: Right now, labor costs eat about 35% of revenue.
• 3:07
  [SPEAKER_00]: At $30 an hour, once the tip credit is fully phased out, labor costs jump to 59% of revenue.
• 3:16
  [SPEAKER_00]: That's a 70% increase in total labor costs for that business.
• 3:20
  [SPEAKER_00]: Now, run that math forward and that same restaurant, which was making a modest $100,000 profit a year, remember to 5% is now losing $380,000 per year.
• 3:37
  [SPEAKER_00]: There is no menu price increase that closes that gap.
• 3:41
  [SPEAKER_00]: There is no just absorb it for a business with 5% margins to begin with.
• 3:46
  [SPEAKER_00]: A $30 minimum wage is simply mathematically impossible for the restaurant industry.
• 3:53
  [SPEAKER_00]: Now Harvard Business School's research adds a second layer to this.
• 3:58
  [SPEAKER_00]: Every $1 increase in the minimum wage.
• 4:02
  [SPEAKER_00]: raises the closure probability of a median ranked restaurant by 14 percent.
• 4:09
  [SPEAKER_00]: Okay, I'll say that again, every $1 increase in the minimum wage raises the closure probability of a median ranked restaurant by 14 percent.
• 4:24
  [SPEAKER_00]: Mamdoni's plan won't raise the wage by one dollar.
• 4:28
  [SPEAKER_00]: He's going to raise the wage by 13.
• 4:31
  [SPEAKER_00]: So if you compound that 14% risk across all $13 that increase, you're looking at a restaurant that is roughly five and a half times more likely to close than it was before.
• 4:48
  [SPEAKER_00]: That is an industry demolition.
• 4:53
  [SPEAKER_00]: Columbia Business School's Steven Zagor called the likely effect on the restaurant industry a devastating tsunami and the irony smaller operators owners of small residents, they're the ones who get pushed out all the while the big chains will have all the capital take over.
• 5:13
  [SPEAKER_00]: And here's the irony.
• 5:14
  [SPEAKER_00]: We're already seeing it.
• 5:16
  [SPEAKER_00]: We don't even have to wait for Mamda on his $30 minimum wage hike to see the devastating effects of rising food calls, rents, insurance premiums, and delivery-related calls.
• 5:27
  [SPEAKER_00]: Take a look at this.
• 5:28
  [SPEAKER_00]: This is coming from the New York State Department of Labor Statistics.
• 5:33
  [SPEAKER_00]: New York City restaurant jobs have declined.
• 5:37
  [SPEAKER_00]: in 2026, since Mmedani took over, by roughly 9,600 jobs year over year, nearly 10,000 restaurant jobs are gone, given the appalling business conditions in New York City, and Mmedani hasn't even gotten started, and the same results have happened.
• 5:58
  [SPEAKER_00]: everywhere else this nonsense has been tried.
• 6:01
  [SPEAKER_00]: I mean, just look at the fallout from Los Angeles hotel minimum wage ordinance that raised wages to $22.50 per hour hotel so their largest job loss in 10 years.
• 6:16
  [SPEAKER_00]: They're expected to eliminate roughly 6% of positions when all the sudden done here.
• 6:22
  [SPEAKER_00]: Look at California's $20 in our fast food wage from April 2024.
• 6:28
  [SPEAKER_00]: Independent studies put the job losses between 10,000 and 23,000 positions statewide.
• 6:34
  [SPEAKER_00]: But if Mam'Dani has his way New York's minimum wage hike would make these job losses pale by comparison.
• 6:41
  [SPEAKER_00]: Not to mention passing the cost to consumers.
• 6:44
  [SPEAKER_00]: One analysis found that a $21 hamburger would suddenly surge to a $33 hamburger under these wage increases.
• 6:51
  [SPEAKER_00]: Their staffing models show them cutting servers in half and shifting to QR code ordering
• 7:05
  [SPEAKER_00]: And it's so bad, it looks as if he's already backpedaling.
• 7:09
  [SPEAKER_00]: Yeah, even Mamdoni himself was going, oh crap.
• 7:13
  [SPEAKER_00]: This isn't working, you're not going to believe this.
• 7:17
  [SPEAKER_00]: But first gang, one of the most frequent questions I get asked by our audiences this, maybe you want to ask.
• 7:23
  [SPEAKER_00]: Dr. Steve is now really the right time to buy gold.
• 7:29
  [SPEAKER_00]: It's a fair question.
• 7:30
  [SPEAKER_00]: Gold has had a tremendous, what silver has been moving higher and higher.
• 7:34
  [SPEAKER_00]: So naturally people wonder, so did I miss it?
• 7:38
  [SPEAKER_00]: Is it too late?
• 7:39
  [SPEAKER_00]: But I actually think that's the wrong way of looking at it.
• 7:42
  [SPEAKER_00]: The real question isn't whether gold has already gone up obviously it has.
• 7:46
  [SPEAKER_00]: The real question is whether the reasons for owning it have changed.
• 7:51
  [SPEAKER_00]: I mean, think about where we are today.
• 7:53
  [SPEAKER_00]: Central Banks continue buying gold at record levels all over the world.
• 7:57
  [SPEAKER_00]: Global debt continues to explode, geopolitical tensions aren't going away.
• 8:02
  [SPEAKER_00]: These are the very trends that we've been talking about on this channel for years, and if those trends haven't changed, then why would the case for owning physical gold and silver?
• 8:13
  [SPEAKER_00]: So that's why more people are taking a closer look, not because they're chasing price.
• 8:18
  [SPEAKER_00]: But because they're responding to what's happening in the world.
• 8:21
  [SPEAKER_00]: Some are purchasing physical gold and silver directly.
• 8:24
  [SPEAKER_00]: Others are moving a portion of an IRA or 401K into a gold IRA.
• 8:29
  [SPEAKER_00]: It's part of their long-term wealth protection strategy.
• 8:32
  [SPEAKER_00]: That's one reason why I trust Augusta precious metals.
• 8:36
  [SPEAKER_00]: What I appreciate is that they don't try to convince you to buy anything.
• 8:41
  [SPEAKER_00]: They start by helping you understand your options.
• 8:44
  [SPEAKER_00]: Though it's plain how purchasing physical gold or silver works, show you how a gold IRA works if you're using retirement funds, answer your questions, and then let you decide whether it's right through your situation.
• 8:58
  [SPEAKER_00]: So if you'd like to learn more, go to turlybysgold.com or text turly.
• 9:03
  [SPEAKER_00]: to 3, 5, 0, 5, 2, that's 3, 5, 0, 5, 2, and request Augustus FreeGuard, because in my view, the question isn't whether gold has already moved.
• 9:13
  [SPEAKER_00]: It's whether the reasons for owning it have changed.
• 9:16
  [SPEAKER_00]: And from where I sit, they have it.
• 9:18
  [SPEAKER_00]: Click on that link below right now.
• 9:21
  [SPEAKER_00]: Here's the basic math that contradicts everything Mamdoni and his socialist ilk stand for.
• 9:27
  [SPEAKER_00]: A restaurant with a 5% profit margin isn't hoarding wealth, okay?
• 9:33
  [SPEAKER_00]: It has almost no cushion.
• 9:35
  [SPEAKER_00]: When you mandate a labor cost increase that exceeds the margin of profit itself, you have not redistributed profit to workers because there was no profit large enough to redistribute.
• 9:50
  [SPEAKER_00]: You mandated a loss, and a business cannot operate as a stain loss.
• 9:58
  [SPEAKER_00]: It's got exactly three options.
• 9:59
  [SPEAKER_00]: It can raise prices until customers leave.
• 10:03
  [SPEAKER_00]: It could cut staff until the labor bill fits the smaller revenue.
• 10:08
  [SPEAKER_00]: Oracle closed down.
• 10:10
  [SPEAKER_00]: This is, this is the mechanism that every version of forced wage redistribution runs into.
• 10:18
  [SPEAKER_00]: Whether it's a minimum wage law, a rent freeze, or government price setting scheme for any other good, you can mandate a price, but you cannot mandate that the underlying value exists to support that price.
• 10:33
  [SPEAKER_00]: The restaurant doesn't have a machine that prints extra revenue because the city council
• 10:39
  [SPEAKER_00]: The business still has to sell the same number of hamburgers at the same rents and the same competitive market with the same customers who have their own budget limitations and constraints.
• 10:50
  [SPEAKER_00]: This is the fundamental flaw in every top-down redistribution model and it scales with the size of the mandate.
• 10:58
  [SPEAKER_00]: The bigger the mandate it shift, the more businesses you find sitting exactly where that vital city NYC model sits, where the gap between the new cost structure and the old revenue structure that's simply too large to close through operational adjustment.
• 11:15
  [SPEAKER_00]: You're not asking businesses to tighten their belts.
• 11:18
  [SPEAKER_00]: You're asking them to generate profit margins that never existed in that industry to begin with.
• 11:24
  [SPEAKER_00]: It's basic economics.
• 11:28
  [SPEAKER_00]: This is why the same governments that champion these policies always end up needing the second and third order interventions to paper over the failures of the first one.
• 11:39
  [SPEAKER_00]: When restaurants can't survive, the wage floor, what happens?
• 11:42
  [SPEAKER_00]: Some cities respond with subsidies, right?
• 11:45
  [SPEAKER_00]: Tax credits, stimulus grants, attempts to manufacture the revenue that the mandate destroyed using your money,
• 11:57
  [SPEAKER_00]: New York's own $2.3 billion stimulus projection tied to this policy's rollout is exactly that kind of patch and acknowledgment built into the government's own fiscal note that the mandate alone does not work without an artificial cash injection to offset the damage it causes.
• 12:19
  [SPEAKER_00]: that's the tell.
• 12:22
  [SPEAKER_00]: When you need a multi-billion dollar subsidy program to make your wage mandate survivable, you haven't found a way to redistribute wealth, you've found a way to spend money replacing the jobs and businesses your policy destroyed, and you're spending someone else's money to do it.
• 12:43
  [SPEAKER_00]: Now, the math is so
• 12:46
  [SPEAKER_00]: The math is just, it just simply so devastating here that it does look as if Mamedani is actually backpettling.
• 12:55
  [SPEAKER_00]: So far, he has not publicly endorsed the specific council bill that was introduced back in March.
• 13:01
  [SPEAKER_00]: In fact, his office has consistently avoided taking a public position on that specific legislation.
• 13:07
  [SPEAKER_00]: Fox News reported that Mamedani's office refuses to respond when directly asked repeatedly
• 13:15
  [SPEAKER_00]: if it ever reaches his desk.
• 13:17
  [SPEAKER_00]: And many are arguing that Mamdoni doesn't even have the authority to do this.
• 13:22
  [SPEAKER_00]: He can't raise the minimum way.
• 13:24
  [SPEAKER_00]: New York's minimum wage is actually set in Albany at the state level, not in city hall.
• 13:29
  [SPEAKER_00]: So legal experts question whether the city even has the authority to enact this regardless.
• 13:36
  [SPEAKER_00]: The impossible math here is the same pattern that shows up from Venezuela's price controls to Argentina's wage mandates.
• 13:45
  [SPEAKER_00]: That's, of course, before Havir Millay took over to California's own minimum wage experiments, the model itself assumes that value can be legislated into existence.
• 13:57
  [SPEAKER_00]: It cannot.
• 13:59
  [SPEAKER_00]: Value comes from productive capacity, from capital investment, from a business as ability to generate more than it spends.
• 14:07
  [SPEAKER_00]: Forced redistribution doesn't create that value.
• 14:12
  [SPEAKER_00]: In fact, it doesn't create anything at all.
• 14:17
  [SPEAKER_00]: That unfortunately is the ultimate lesson that New Yorkers are learning here and if this ever does go a new effect I expect the booze forcing Mamdoni off stage are just beginning
• 14:30
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• 14:34
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• 14:46
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