Bloomberg View columnist Barry Ritholtz looks at the people and ideas that shape markets, investing and business.
If the only thing you know about sports is who wins and who loses, you are missing the highest stakes action of all. The business owners that power this multibillion dollar industry are changing, and a new era of the business of sports is underway. From media and technology to finance and real estate, leagues and teams across the globe have matured into far more than just back page entertainment. And the decisions they make have huge consequences, not just for the bottom line, but for communities, cities, even entire countries.
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Voters wait in line to cast their ballots in the Wall Lake Township building on Election Day, Tuesday, Nov. 8, 2016, west of Sioux Falls, S.D.
Teenagers these days don't work like they used to. But letting employers pay them less than adults for the same entry-level positions — making teens cheaper to hire and less costly to retain — is no way to boost teenage employment, according to voters in the Mount Rushmore state.
More than 70 percent of voters in South Dakota rejected a state ballot measure Tuesday to lower the minimum wage for workers under 18 from $8.55 to $7.50 an hour. Federal law already allows employers to pay workers under the age of 20 a minimum of $4.25 an hour during their first 90 days on the job, although individual states may set a higher threshold.Supporters argued that a lower, so-called training wage for minors would help employers preserve entry-level opportunities for teens, who they say suffer disproportionately amid rising labor costs due to their lack of experience. A sub-minimum wage would help give them a fair shot, according to Michael Saltsman, research director at the business-backed Employment Policies Institute. "There's a crisis in youth workforce participation," he said by e-mail before Tuesday's results. "What concerns me are the teens who want to work and can't find it — those teens who are facing more competition for fewer jobs as a consequence of higher labor costs."