Essentially, voters allowed themselves to be duped into voting themselves out of business. Look for the cannibalization of the economy through layoffs and closures of businesses to begin a little before 2018, when the law goes into effect.
Business owner who supported new minimum wage realizes math isn’t strong suit—layoffs now likely.
What would you do if some small-minded government bureaucrat told you that your coffee shop or widget factory didn’t make enough money to justify letting you stay in business, and you were hereby ordered to shut down?
China’s military spending is the second highest in the world, after the United States. While some naively call it a distant second, they don’t consider that this budget does not not include items such as research and development or foreign weapons procurement, to name a few out of many. The true budget is most likely double, or more.
The increase announced by parliament spokesman Li Zhaoxing will bring official outlays on the People’s Liberation Army (PLA) to 670.3 billion yuan ($110 billion) for 2012, after a 12.7 percent increase last year and a near-unbroken string of double-digit rises across two decades.
Beijing’s public budget is widely thought by foreign experts to undercount its real spending on military modernization, which has unnerved Asian neighbors and drawn repeated calls from Washington for China to share more about its intentions.