Small businesses

Zohran Mamdani’s policies will make restaurants bland and expensive

There’s no shortage of catastrophic predictions for New York City under Zohran Mamdani’s leadership. While we probably won’t see breadlines, the wildly expensive, exhaustingly derivative restaurants that dominate the New York food scene are likely to become more dominant. Mamdani’s big pledge on food is to “make halal eight bucks again.” But it’s a “false promise” of street-food affordability according to Heritage Foundation economist Nicole Huyer. She says Mamdani’s economic program, which includes higher taxes, steeper leasing regulations and a pledge to raise the minimum wage to $30 an hour by 2030, will effectively make restaurants even more expensive.

zohran mamdani

Biden is strangling small business creation

As a recession looms, policymakers have predictably turned to entrepreneurs to start new businesses and jumpstart the economy. While this may be a good political talking point, the fact is that new business formation has never shortened a recession or reduced its impact. Some economists have looked to Covid to explain the unprecedented number of new businesses that sought IRS tax IDs during the pandemic. Washington’s touted “surge in entrepreneurship” is proving evanescent, however. Many individuals, facing economic lockdowns and the prospect of extended unemployment, decided to create businesses, often from home. Few of these companies will ever employ anyone except their founders — and rates of new business formation are already falling back to pre-pandemic levels.