Increasing The Minimum Wage: Did You Know This?

[Cookie]

How is this for an idea? Abolish the minimum wage. It is a concept that hasn't worked.

The study assumed that 17% of McDonald's income goes to pay for labor. In fact, the study left out franchises which tend to much smaller businesses than McD's corporation AND the study left out payroll taxes which are the one segment of a business's budget that is rising the most rapidly. As a matter of fact, when Progressives talk about how corporations don't pay enough in taxes, they conveniently leave out how much corporations pay in payroll taxes which have grown exponentially in the last four years. Labor for a McD's franchise accounts for 30 to 35% of business expenses.

In the end, talking about the price of a McD's hamburger - or even what they pay their employees - is a distraction from the discussion of the abysmal employment situation in this country and the languishing economy as a whole. If we really want to fight crime, improve race relations and make this country a more fair place for everyone, we can start with making America successful again.

 

[Mr Natural]

or maybe because the cost of college has outpaced inflation by several orders of magnitude?

Its not just college its cars, healthcare, housing........Minimum wage has not kept up

in 1966 minimum wage was $1/hour. today its $7.75 I think. 700% increase. are you claiming that inflation since 1966 was 700%?

Plug in the numbers and see for yourself.

Inflation Calculator: Bureau of Labor Statistics

Of course, it's government website so naturally, it's not to be trusted.

 

[DiamondDave]

The entire story and analysis is bunk...according to...Huffington Post.

They were had...they wanted to believe it, so they printed it.

At least they had the intestinal fortitude to retract the story after it was proved bogus.

On Monday, The Huffington Post published a story entitled "Doubling McDonald's Salaries Would Cause Your Big Mac To Cost Just 68¢ More." HuffPost has since learned that the research used as the basis of the story contains significant errors that cast doubts on its claims. This story has replaced the one originally published in this space.


The story drew on data presented by Arnobio Morelix, an undergraduate student from The University Of Kansas who identified himself as a researcher for the school. In an interview, Morelix told the HuffPost that only 17.1 percent of McDonald's revenue goes toward salaries and benefits, meaning that for every dollar McDonald's earns, a little more than 17 cents goes toward the income and benefits of its employees.


However, as the Columbia Journalism Review subsequently noted, Morelix's analysis only takes into account the payroll and employee benefits of McDonald's company-operated stores while excluding franchise businesses. Prior to publication, HuffPost asked Morelix if his analysis included franchises and he said it did. He later conceded it did not. McDonald's franchises make up more than 80 percent of McDonald's restaurants worldwide. This means that a majority of the payroll and employee benefits of McDonald's workers are not included in Morelix's findings.​

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Errors in McDonald's Wage Analysis

Wow... EXACTLY what I said at the beginning...

WHERE IS MY FUCKING APOLOGY, libtards???

Yoo hoo

 

[DiamondDave]

Its not just college its cars, healthcare, housing........Minimum wage has not kept up

in 1966 minimum wage was $1/hour. today its $7.75 I think. 700% increase. are you claiming that inflation since 1966 was 700%?

Plug in the numbers and see for yourself.

Inflation Calculator: Bureau of Labor Statistics

Of course, it's government website so naturally, it's not to be trusted.

So what it does show then is that minimum wage should not be raised at all... especially not to 11 or 15 or whatever BS number you guys keep spewing

 

[Redfish]

Its not just college its cars, healthcare, housing........Minimum wage has not kept up

in 1966 minimum wage was $1/hour. today its $7.75 I think. 700% increase. are you claiming that inflation since 1966 was 700%?

Plug in the numbers and see for yourself.

Inflation Calculator: Bureau of Labor Statistics

Of course, it's government website so naturally, it's not to be trusted.

Interesting, but if it is correct then RW's allegation that minimum wage has not kept up with inflation is wrong, in fact it slightly exceeds inflation.

But you are correct, govt website = questionable data.

 

[auditor0007]

in 1966 minimum wage was $1/hour. today its $7.75 I think. 700% increase. are you claiming that inflation since 1966 was 700%?

Plug in the numbers and see for yourself.

Inflation Calculator: Bureau of Labor Statistics

Of course, it's government website so naturally, it's not to be trusted.

So what it does show then is that minimum wage should not be raised at all... especially not to 11 or 15 or whatever BS number you guys keep spewing

As you so often are, you are wrong again. Of course doing a little research would help but you guys believe anything your read. The $1.00 per hour minimum wage is not a relevant number as that minimum wage only covered a few jobs plus farm jobs. Most jobs fell under the 1966 or 1938 amendments. By 1968, the minimum wage for those in most all jobs was $1.60. If you want to use honest numbers, use the 1968 number of $1.60 and it gives us an inflation adjusted amount of $10.74 today.

http://www.dol.gov/whd/minwage/chart.htm#footnote

Remember that when we had the highest minimum wage, we also had the lowest unemployment numbers. Unemployment in 1968 was only 3.6% and actually dropped the following year. Unfortunately as the minimum wage was left to lose ground and lose value in it's purchasing power, unemployment began increasing. Now, I do understand that the minimum wage rate was not the only reason unemployment was so low. There obviously were other factors, but what it does show us is that having a higher or a reasonable minimum wage does not create the drain on jobs that so many of you claim.

 

[Redfish]

Plug in the numbers and see for yourself.

Inflation Calculator: Bureau of Labor Statistics

Of course, it's government website so naturally, it's not to be trusted.

So what it does show then is that minimum wage should not be raised at all... especially not to 11 or 15 or whatever BS number you guys keep spewing

As you so often are, you are wrong again. Of course doing a little research would help but you guys believe anything your read. The $1.00 per hour minimum wage is not a relevant number as that minimum wage only covered a few jobs plus farm jobs. Most jobs fell under the 1966 or 1938 amendments. By 1968, the minimum wage for those in most all jobs was $1.60. If you want to use honest numbers, use the 1968 number of $1.60 and it gives us an inflation adjusted amount of $10.74 today.

http://www.dol.gov/whd/minwage/chart.htm#footnote

Remember that when we had the highest minimum wage, we also had the lowest unemployment numbers. Unemployment in 1968 was only 3.6% and actually dropped the following year. Unfortunately as the minimum wage was left to lose ground and lose value in it's purchasing power, unemployment began increasing. Now, I do understand that the minimum wage rate was not the only reason unemployment was so low. There obviously were other factors, but what it does show us is that having a higher or a reasonable minimum wage does not create the drain on jobs that so many of you claim.

Well shit! lets just make it $40/hour, then unemployment would be zero under your stupid theory.

think for just a few minutes. If a business has $5000 per week to spend on payroll, can he employ more or less people when the minimum wage is raised? and don't say he should just spend more than $5000. Why should a business operate at a break even or a loss in order to keep people employed.

you left wingers obviously have never operated a business.

 

[Vox]

I'm with Clementine on being skeptical of a college student's "study".

Nevertheless, even if we stipulate that we only need to raise the price of a Big Mac by 68 cents, there are still problems the kid ignored.

First, no one buys just a Big Mac. They buy fries and a drink, and each of those would also have to rise commensurately in price. So your Big Mac meal would be a buck and a half more expensive.

If you are a low income family trying to buy dinner for a family of four, that's an extra six bucks. You just got priced out of McDonald's.

Higher prices means falling sales. Simple fact.

it is not a "study". it is a student's project which is not even correct

 

[KissMy]

Facts are contrary to the group think of the self proclaimed economic experts, many of who should demand a refund on what they paid their education.

The faster & higher you raise the minimum wage, the slower the dollar loses it's value. Because most of the people on the government dole are working at a real job. Prices ALWAYS rise before wages because Government & Banks create money. Wages do not push or drive inflation & wage price spiral is a hoax. Higher minimum wages get workers off the government dole so government does not have to print more money causing inflation. Also Government does not have to guarantee bank home loans causing inflation because workers don't have the income to qualify.

Raising Wages CUTS Government Spending. Socialism is when employers make government tax payers pay for their workers so they can drive others out of business & pocket everyone else's wealth. If you don't like the minimum wage then pass a law banning employment of someone on the government dole. Because I already pay my workers & should not have to keep subsidizing yours, harming my business. Employment rises as wages & minimum wages rise.

Welfare & Entitlement Spending Way Up Under Bush & Down Since Obama Took Office Because Raising Minimum Wages CUTS Government Spending.