IWETHEY v. 0.3.0 | TODO
1,095 registered users | 0 active users | 0 LpH | Statistics
Login | Create New User
IWETHEY Banner

Welcome to IWETHEY!

New What minimum wage increases did to McDonald’s restaurants — and their employees

President Joe Biden and Democratic lawmakers are making a push to raise the federal minimum wage to $15 an hour from the current $7.25. Some lawmakers and business owners who are against the idea say it would create harmful effects, including business closures, job loss, and an acceleration of the shift toward automation.

But those effects didn’t materialize in a five-year analysis of the impacts of minimum wage increases at state and local levels at more than 10,000 McDonald’s MCD, -0.65% fast-food restaurant locations in the U.S.

In fact, as a result of the nearly 300 minimum wage increases that took place between 2016 and 2020, many McDonald’s restaurants paid workers slightly above the new minimum wage to retain employees. That’s according to new research by Orley Ashenfelter, a Princeton University economist, and Stepan Jurajda, an economist at Charles University in Prague.

The two economists collected survey data on the price of a Big Mac (including sales tax) and wage rates of basic hourly workers above the age of 18 from at least 90% of U.S. counties with a McDonald’s in every year.

They found that the higher cost of labor that results from increasing minimum wages gets passed on to consumers in the form of more expensive Big Macs.

More specifically, they estimated that a 10% minimum wage increase leads to a 1.4% increase in the price of a Big Mac. On average, Big Macs cost $5.66 in the U.S., according to The Economist’s Big Mac Index.




https://www.marketwatch.com/story/what-minimum-wage-increases-did-to-mcdonalds-restaurants-and-their-employees-11611862080?siteid=yhoof2




Satan (impatiently) to Newcomer: The trouble with you Chicago people is, that you think you are the best people down here; whereas you are merely the most numerous.
- - - Mark Twain, "Pudd'nhead Wilson's New Calendar" 1897
New We have a local burger chain...
...that pays more than pretty much all the other chains, local or otherwise, as well as health insurance, (100% employer paid, with children @ 75% and spouses @ 50%, full dental) childcare assistance, and a $28k scholarship for students.

https://www.ddir.com/employment/

They also make money hand over fist. There's a local saying - "Go eat a bag of Dick's." It's the opposite of "Go eat a bag of dicks."
Ceterum autem censeo pars Republican esse delendam.
New Two things
First, prices at McDonald's have been going up anyway, it's just what they pay that hasn't been going up.

Second, it's the free market. You don't have to eat at McD's, you can eat at home.
--

Drew
New Well, some people can't eat at home . . .
. . they have no idea what food is.

Of course, there's also the homeless. Here in LA, being a relatively warm weather region, we have gobs and piles of those folks. They camp under freeway overpasses everywhere.
New considering housing costs in Cali I can understand that
"Science is the belief in the ignorance of the experts" – Richard Feynman
New If McDonald's is how you feed the homeless, keeping their pay down is solving the wrong problem
--

Drew
New Homeless Camps . . .
. . are usually pretty far from McDonald's locations, and they haven't much money either. The State, County, and City are trying to provide food and shelter, but many of the homeless are "not quite right", and resist being located to a facility. Porta Potties are being provided at some of the larger camps.

I suspect there will be a lot of other people sleeping in their cars before this COVID thing is all done with.
New The bad-faith arguments against raising the minimum wage never end.
New It shouldn't, of course, be an issue.
It's a good study, though, showing those complaining that their complaints are without merit.

An economy needs its money to move around (be spent) and generally the more it moves around, the better the economy. Those at the bottom tend to spend their money, whilst those at the top tend to not spend their money. Ergo, you give more money to those at the bottom. I think this has some grand name like "demand-side economics".

Why this isn't obvious is because of so many people not at the bottom who either don't see that the money naturally moves up - so they will get more anyway - or they prefer the idea of "me having more" rather than "everyone having more". Either way, these people thus prefer systems that directly give them more money. The ones who won't admit their selfishness then invent reasons why this is arrangement is preferable! Including furphies against give those at the bottom more such as "but it will raise prices". Which your study pretty much disproves.

Wade.
New No, it shows the undecided that the complaints of (rich & powerful) others are made in bad faith
--

Drew
     What minimum wage increases did to McDonald’s restaurants — and their employees - (lincoln) - (9)
         We have a local burger chain... - (InThane)
         Two things - (drook) - (4)
             Well, some people can't eat at home . . . - (Andrew Grygus) - (3)
                 considering housing costs in Cali I can understand that -NT - (boxley)
                 If McDonald's is how you feed the homeless, keeping their pay down is solving the wrong problem -NT - (drook) - (1)
                     Homeless Camps . . . - (Andrew Grygus)
         The bad-faith arguments against raising the minimum wage never end. - (Another Scott)
         It shouldn't, of course, be an issue. - (static) - (1)
             No, it shows the undecided that the complaints of (rich & powerful) others are made in bad faith -NT - (drook)

My God... that pizza combo is full of stars...!
89 ms