"California's New Fast Food Bill Spells Financial Disaster for McDonald's Owners"

California Governor Gavin Newsom plans to sign a bill into law in November 2024 that will establish a $20 minimum wage for fast food workers, representing a nearly $5 hourly increase. The new minimum wage will go into effect on April 1, 2024, and could increase annually through 2029. The National Owners Association, representing over 1,000 McDonald's store owners, argues that the law will be financially devastating for franchisees, potentially leading to menu price hikes. However, other industry figures see it as a positive outcome for workers and local restaurant owners, while the long-term economic impact remains uncertain.