Good Ole Days Return: Nixonian Wage and Price Controls | MishTalk
"Californians longing for the “Good Ole Days” of wage and price controls under President Nixon may get their wish.
Wage controls in the form of a series of minimum wage hikes just passed the California legislature.
Price controls in the form of rent caps have spread to suburbia."
Apparently, no one in California is old enough to remember the wonders of stagflation! Some of us are, and do not want to repeat those dismal gray years.
The blue model may be collapsing, but it is not going quietly. It looks like it will only go down fighting each step of the way. This will cause much damage, mostly for the poorest, although the economic damage to Californians generally will be great as well.