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re: Waffle House workers are the latest group to strike, requesting $25 per hour
Posted on 10/3/23 at 3:17 pm to ThatMakesSense
Posted on 10/3/23 at 3:17 pm to ThatMakesSense
quote:
The selective rage is funny.
Far better than using failed govt programs for reasons to have more.
1
Posted on 10/3/23 at 3:21 pm to RogerTheShrubber
quote:
Far better than using failed govt programs for reasons to have more.
Agreed.
For the more enlightened, I was hoping to showcase practicalities that as a society we have determined to be essential.
Back in the old days, you needed a fire plaque in order for a fire to be put out at a business, which isn’t a great idea since fire spreads. So now we pay taxes to insure of that. I wouldn’t call fire departments as a failure.
This post was edited on 10/3/23 at 3:25 pm
Posted on 10/3/23 at 3:22 pm to SpidermanTUba
quote:
the price of labor is dependant only on supply Vs demand.
What about the price of goods?
Posted on 10/3/23 at 3:24 pm to SpidermanTUba
quote:Factors that influence market price:
Can someone who actually knows what they are talking about please tell me if I am missing any of the assumptions that go into Roger's toy model?
Supply - The production and availability of the product.
Demand - The level of consumer desire and purchasing power for the product.
Input costs - Costs of labor, raw materials, components, production/assembly, transportation, etc. Higher input costs tend to raise market prices. Hello AwgustaDawg!
Competition - The number of sellers and degree of differentiation.
Marketing - Advertising, branding, distribution strength, and other marketing factors that can sway consumer willingness to pay.
Government policy - Regulations, taxes, tariffs, subsidies, and trade policies that intentionally or unintentionally impact pricing.
Consumer sentiment - Environment intersecting psychology and native demand.
Menu costs - The costs of changing prices can deter adjustments and contribute to price stickiness.
Collusion - Explicit or implicit agreements among firms to fix prices above competitive levels.
This post was edited on 10/3/23 at 3:26 pm
Posted on 10/3/23 at 3:24 pm to RogerTheShrubber
quote:
This will put Waffle House at a competitive disadvantage to competitors, there is no way they can either absorb the cost, or pass it on and still be competitive.
Talk about wishcasting.
Unless you work there you can't say this for sure.
Posted on 10/3/23 at 3:30 pm to RogerTheShrubber
quote:
I love when Marxist pretend to understand the real world.
Almost as enjoyable as when dock loaders pretend they understand economics.
Posted on 10/3/23 at 3:33 pm to JackieDaytona
quote:I guess your point is specific market knowledge trumps general market knowledge? One certainly could make that assessment without being employed at an individual Waffle House. Right?
Unless you work there you can't say this for sure.
Posted on 10/3/23 at 3:48 pm to beerJeep
quote:
They better not frick up the price of the all star breakfast
PREACH.
Posted on 10/3/23 at 3:49 pm to LSURussian
quote:
I have never eaten at a Waffle House
Now we're just gonna have to change that.
Posted on 10/3/23 at 3:51 pm to Byrdybyrd05
Unfortunately for the current employees, if they raise the wage to $25 they’ll be replaced by better employees
Look at Buccees
Look at Buccees
Posted on 10/3/23 at 3:53 pm to JackieDaytona
quote:
Talk about wishcasting.
Unless you work there you can't say this for sure.
Whats the industry prevailing wage?
Posted on 10/3/23 at 3:57 pm to Byrdybyrd05
Pay raises should be based on knockouts. The better you can fight, the more you make.
Posted on 10/3/23 at 4:06 pm to RogerTheShrubber
quote:
Whats the industry prevailing wage?
The guy who I know who works at WF makes $19 as a cook.
Posted on 10/3/23 at 4:11 pm to JackieDaytona
quote:
The guy who I know who works at WF makes $19 as a cook.
WF? Whole Foods? Not exactly competition.
Looks like the industry average for all restaurants is about $15. Waffle House and competitors would be in the bottom of the scale.
A 60% rise in labor costs will mean less business, fewer jobs. They will struggle to be competitive.
Posted on 10/3/23 at 4:12 pm to RogerTheShrubber
quote:
WF? Whole Foods? Not exactly competition.
Posted on 10/3/23 at 4:26 pm to RogerTheShrubber
quote:
? Not exactly competition.
No. That was obviously a typo. Waffle House. Dude worked there in 2021 making 18.75 as a cook. Could be more now.
quote:
60% rise in labor costs will mean less business, fewer jobs. They will struggle to be competitive.
You say this as you know for a fact. Maybe better service would raise revenue.
Most of these fast food chain could pay more in wages by cutting dividens.
Posted on 10/3/23 at 4:36 pm to JackieDaytona
quote:Good for him. That's $37.5K/yr and a bit high for most of the US, FWIW.
Dude worked there in 2021 making 18.75 as a cook. Could be more now.
Posted on 10/3/23 at 4:37 pm to JackieDaytona
quote:
Most of these fast food chain could pay more in wages by cutting dividens.
You've done it now. Suggesting that companies might should settle for slightly lower profits sends bootlickers like Roger to the moon.
Posted on 10/3/23 at 4:40 pm to JackieDaytona
quote:
You say this as you know for a fact. Maybe better service would raise revenue.
Its Waffle House dude.
I do know for a fact that overpaying for labor will put you at a competitive disadvantage in industries with such small margins.
Posted on 10/3/23 at 4:52 pm to EarlyCuyler3
quote:Wild guess .... you've never run a business? .... Damn! .... Nailed it w/o knowing the first thing about you. It's like ... clairvoyance.
Suggesting that companies might should settle for slightly lower profits
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