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Editor’s Note: Rachel Greszler is a senior research fellow in workforce and public finance at the Roe Institute at The Heritage Foundation, a conservative thinktank in Washington, DC.
She is also a visiting fellow in workforce at the Economic Policy Innovation Center, a pro-growth research group that advocates for less government intervention.
Across the country, some of the hardest hit among the millions of people impacted by job losses or reduced hours following minimum wage increases are fast-food workers.
Pay increases that result from government mandates can eliminate entry-level job opportunities and lead to a cascade of other unintended consequences.
In short, high minimum-wage laws cut off the bottom rung of the career ladder, effectively pricing the least-advantaged workers out of employment.
In South Carolina, researchers found that the most recent minimum wage hike reduced employment by 8.9% for teens, and by 15.5% for workers with less than a high school diploma.
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Apple is known to spend billions of dollars on its Hollywood projects, but that could be set to change following production losses across the wider streaming industry.
According to Bloomberg, Apple’s senior vice president of services, Eddy Cue, is pushing studio chiefs Zack Van Amburg and Jamie Erlicht to oversee project budgets more closely in a bid to make its Apple TV Plus streaming business more sustainable.
Apple invests heavily in individual projects compared to larger streaming companies like Netflix, having spent over $500 million on movies from directors Martin Scorsese (Killers of the Flower Moon), Ridley Scott (Napoleon), and Matthew Vaughn (Argylle).
While its original projects get plenty of attention during award seasons, Bloomberg reports that Apple TV Plus is attracting fewer views per month than Netflix averages in a single day.
The company is also licensing more content from competitors to reduce its reliance on original series and has delayed production on shows like Foundation in an attempt to remain within budget.
Apple TV Plus hasn’t been as quick to lay off staffers compared to rivals like Disney and Paramount, though, and the money bought in by selling iPhones and other tech hardware makes it difficult to know how much pressure its studios are under.
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