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re: California’s $20 fast food minimum wage balloons menu prices
Posted on 4/3/24 at 12:24 pm to mindbreaker
Posted on 4/3/24 at 12:24 pm to mindbreaker
quote:
Funny how minimum wages have been this high or higher in many European countries yet their food prices are very close to the same as ours.
Source, trust me bro.
This LINK for McDonalds prices over the world seems to disagree with you.
1
Posted on 4/3/24 at 12:24 pm to Finkle is Einhorn
quote:
I wonder how much the executives, presidents, vice presidents and board members at fast foods franchises make as a total? I would bet it’s in the hundreds of millions of dollars per year. The problem is not paying the employees a fair wage. These fast food companies can more than handle that without raising the prices of anything. Just the executives would make 15 million a year instead of 20.
In the original story posted, this increase from $15 to $20 per hour minimum is slated to impact 500,000 people. That means just 1 hour of work under this law would cut profits by $2.5 million. Let’s say the average minimum wage worker works 30 hours a week. That means each week would be $75 million less in profit. At 52 weeks a year that’s $3.9 Billion less in profits.
quote:quote:
The average American worker/employee’s salary vs the executives salaries has grown to a much higher gap than say 50 years ago.
I agree with you, but this a completely separate argument from the minimum wage one.
This post was edited on 4/3/24 at 12:27 pm
Posted on 4/3/24 at 12:26 pm to Smeg
Good. frick McDonald’s. Zero reason to choose McDonald’s over Chick Fil A now.
Posted on 4/3/24 at 12:31 pm to Finkle is Einhorn
quote:
Just the executives would make 15 million a year instead of 20. And if there’s one “problem” with capitalism I think that’s it.
I don’t think you understand capitalism at all.
Posted on 4/3/24 at 12:33 pm to Jyrdis
If a Democrat understood economics, they wouldn't be a Democrat anymore
Posted on 4/3/24 at 12:34 pm to RogerTheShrubber
quote:
Poor people will be affected the most.
Just increase taxes for welfare payouts. Those rich owners just increased their prices and have the excess cash now!
Posted on 4/3/24 at 12:35 pm to Oilfieldbiology
quote:
At 52 weeks a year that’s $3.9 Billion less in profits.
As long as the CEO's pay drops from $20 million to $15 million, that should cover it, right?
Posted on 4/3/24 at 12:35 pm to Germantiger001
quote:
This raises company expenses so they raise prices. Therefore your raise is not a raise. It’s just inflation
The raises only benefit poor people.
the cook that went from making $16 to $20 will gladly trade an extra $1.70 on a combo meal, he will recuperate the difference plus some in 1 hour.
the people it hurts is the rest of us, so I understand why they wanted a raise.
Posted on 4/3/24 at 12:37 pm to Corinthians420
quote:
the cook that went from making $16 to $20 will gladly trade an extra $1.70 on a combo meal, he will recuperate the difference plus some in 1 hour.
Like I said in the other thread and you ignored, that point is only valid if that one purchase is the only one the low wage worker has to make each day.
It is amazing how economically illiterate you are.
Posted on 4/3/24 at 12:38 pm to LNCHBOX
quote:
Like I said in the other thread and you ignored, that point is only valid if that one purchase is the only one the low wage worker has to make each day.
this was a fast food wage hike, obviously fast food prices will be affected the most.
There will be other expenses going up as well, but the entire economy isn't gonna be inflated 25% because of a minimum wage increase that affects the 5% poorest people in the workforce.
Posted on 4/3/24 at 12:40 pm to Corinthians420
quote:
this was a fast food wage hike, obviously fast food prices will be affected the most.
There will be other expenses going up as well, but the entire economy isn't gonna be inflated 25% because of a minimum wage increase that affects the 5% poorest people in the workforce.
And you think the vote buying minimum wage hikes are going to stop at fast food places? That's cute.
Regardless, a 12% overnight price jump to cover for this supposed 5% of the work force is unsustainable
Posted on 4/3/24 at 12:42 pm to LNCHBOX
quote:
Regardless, a 12% overnight price jump to cover for this supposed 5% of the work force is unsustainable
it's actually closer to 3% of the workforce if we go by Cali's figure of 500k employees out of 19 million.
but the point i'm making is that to that 3% it is worth it, for the rest of us we come out behind. that's why they wanted it, they don't give a shite about us.
Posted on 4/3/24 at 12:43 pm to LNCHBOX
quote:
It is amazing how economically illiterate you are.
When it finally dawns on him that these people have gained zero increased purchasing power, his response will be "well now we need to raise the minimum wage to $25 an hour." Guaranteed. These people are so stupid they can't even comprehend how dumb they are.
Posted on 4/3/24 at 12:44 pm to Smeg
Those restaurants are just being greedy!!!
Being sarcastic, of course
Being sarcastic, of course
Posted on 4/3/24 at 12:45 pm to Corinthians420
quote:
it's actually closer to 3% of the workforce if we go by Cali's figure of 500k employees out of 19 million.
You realize that's worse for your argument right
quote:
but the point i'm making is that to that 3% it is worth it
Because they don't understand they will now pay 12% more for things and that will eat through all of their "raise" and then some
Posted on 4/3/24 at 12:45 pm to Smeg
quote:
When it finally dawns on him that these people have gained zero increased purchasing power
they will gain purchasing power, the rest of California will lose purchasing power.
You don't understand basic math/economics if you think a 25% raise for 3% of employees will result in 25% inflation for everyone.
Posted on 4/3/24 at 12:51 pm to PrecedentedTimes
quote:
Pretty sure the illegals making food on street corners in L.A. are the only ones benefitting from this.
Some of this is great stuff.
Leo’s Taco Truck- the one off La Cienega and Corbett is amazing! Always stop by that place on my way home from LAX.
Posted on 4/3/24 at 12:56 pm to LNCHBOX
Literally 4 countries you linked have an higher average price than the US
Switzerland who has the highest minimum wage in the world at roughly 26.00 and hour
Iceland with no minimum wage but has a restaurant union for average salaries around 24.00 and Hour
Denmark no minimum wage but they average 22 and hours at Mcdonalds and get 6 weeks paid vacation
One city in Norway which starts around 18 and hour an minimum 4 weeks vacation
Couldn't find much on Israel which is the 4th country.
Now if you go to countries behind the US in the European union. Not only do they have higher minimum wages than the US. they have to pay the entire cost for all their health insurance premiums and start off with a required 4 weeks vacation a year.
Now either you are willfully following the political line you choose. or ignoring the fact that profit margins are a way bigger priority to these companies than taking care of employees and serving the public will ever be.
I get it everyone wants to make money and you have to, to be successful. It's the whole greed and if you make us pay workers more we are going to make you pay more propaganda that billion dollar companies spew out to get people like you to spout doom and gloom I'm not buying.
Switzerland who has the highest minimum wage in the world at roughly 26.00 and hour
Iceland with no minimum wage but has a restaurant union for average salaries around 24.00 and Hour
Denmark no minimum wage but they average 22 and hours at Mcdonalds and get 6 weeks paid vacation
One city in Norway which starts around 18 and hour an minimum 4 weeks vacation
Couldn't find much on Israel which is the 4th country.
Now if you go to countries behind the US in the European union. Not only do they have higher minimum wages than the US. they have to pay the entire cost for all their health insurance premiums and start off with a required 4 weeks vacation a year.
Now either you are willfully following the political line you choose. or ignoring the fact that profit margins are a way bigger priority to these companies than taking care of employees and serving the public will ever be.
I get it everyone wants to make money and you have to, to be successful. It's the whole greed and if you make us pay workers more we are going to make you pay more propaganda that billion dollar companies spew out to get people like you to spout doom and gloom I'm not buying.
Posted on 4/3/24 at 1:02 pm to Oilfieldbiology
quote:
At 52 weeks a year that’s $3.9 Billion less in profits.
quote:
McDonald's gross profit for the twelve months ending December 31, 2023 was $14.563B, a 10.26% increase year-over-year.
McDonald's annual gross profit for 2023 was $14.563B, a 10.26% increase from 2022.
McDonald's annual gross profit for 2022 was $13.207B, a 4.98% increase from 2021.
McDonald's annual gross profit for 2021 was $12.58B, a 29% increase from 2020.
LINK
On no how will they ever survive without raising costs
Posted on 4/3/24 at 1:07 pm to mindbreaker
Now do inflation
Also, how much money is a company allowed to make?
Also, how much money is a company allowed to make?
This post was edited on 4/3/24 at 1:08 pm
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