News Story of the Day: across the United States, Starbucks announced this week it is raising its prices by roughly one percent. So, moving forward, your venti is going to be a few cents more.
However, if you’re a customer in Seattle, Starbucks is raising the prices by as much as 3.5 percent. Many are outraged in Seattle over the significant price hike. Once you look beneath the surface then you can understand why Seattle is the lone wolf.
Starbucks workers nationwide will be receiving a pay increase of between five and 15 percent. And many analysts expect workers at its Seattle locations will actually be a lot higher.
“Geographic and market factors and is intended to ensure Starbucks remains a retail employer of choice in all the markets where we operate,” CEO Howard Schultz wrote in a letter to employees Monday. “Our field leadership will be following up with market by market details in the coming weeks.”
Chart of the Day: central banks that control more than half of the world’s economy are pretty much giving money away. A new chart from Bloomberg looks at cheap money being provided by central banks just getting cheaper. It’s incredible that despite the amount of money being given away the global economy is struggling to grow. Of course, easy money is the root of our problems (SEE: Easy money always leads to financial crisis (video)).
Illustration of the Day: superb artist Ben Garrison has a new illustration out, and once again it has to do with Hillary Clinton.
Quote of the Day: can you get something for nothing? Nope. That’s something that most voters have to realize. You can’t get free stuff, like Bernie Sanders promised, without paying for it. Sure, you can print the money to pay for it, but that’s also a tax: the inflation tax. Henry Hazlitt was brilliant when he wrote:
“Everything we get, outside of the free gifts of nature, must in some way be paid for. The world is full of so- called economists who in turn are full of schemes for getting something for nothing. They tell us that the government can spend and spend without taxing at all; that it can continue to pile up debt without ever paying it off, because ‘we owe it to ourselves.'”
Video of the Day: you know, there was a time when Vermont Senator Bernie Sanders didn’t think Hillary Clinton was qualified to be president. Actually, that was just a few weeks ago. The socialist sold out his supporters and instead endorsed Clinton for U.S. president. The Washington Free Beacon did a good job compiling clips of Sanders attacking the crony statist.
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