How Minimum Wage Is DESTROYING The Economy…
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- Опубликовано: 11 апр 2024
- How Minimum Wage Is DESTROYING The Economy…
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McDonald's annual net profit for 2023 was $8.469B, a 37.09% increase from 2022. They are not struggling. They are raising the price for no reason and hoping you blame the minimum wage.
They also have a fiduciary responsibility to maintain profits for shareholders too.
@@2bituser569 The court ruling that determined that shareholder law was considered by most legal scholers of the time and most legal scholars now to be bad law. That being said the minimum wage hike did not impact their obligations there as they easily fulfilled it by a wide margin. Incidentally you are never going to see prices go back down. Even if they repealed the wage hike or automated fast food work, they would simply pocket the money they saved on overhead.
@@2bituser569 This
Ridiculous Friedman bullshit
McDonalds corporate is a real estate company, not a resturant. They leech off the local owner operators rent, franchise fees and purchasing/maintenance through their company. The wages, the taxes, the management fees and the pricing is contracted out to the owner operators. So saying "Mcdonalds makes so much profit" is a misnomer, they make tons of money off the people that work for them, much like a Pyramid scheme.
This doesn't change the fact that everyone needs wage increases and wages have not kept up with inflation and survical expenses (food, Housing, healthcare).
$20/hr is $41,600 a year. Average fast food restaurant has 15.6 employees for a total of $648,960 in labor cost a year. All of a sudden a $500K-$1M investment in automation technology makes financial sense and has a payback period of 1-2 years. Now you'll see self ordering kiosks and automated food cooking with lay-offs as automation replaces the jobs.
What fast food worker gets 40 hours a week? And what fast food place has 15 employees, the most I see in one shift is about 5.
@@lefthanded5473yup. Only the supervisors and managers make decent money. The district managers and franchise owners make a boatload of money.
They were going to automate these jobs anyway. Idk y people say this like automation isn't and hasn't always been the future for many jobs
@@riffeteddybear7573they might of, but automation has been around and hasn't been cheaper than human labor. People of today are really kicking the can down the road fiscally speaking. What these people don't understand is the issue is cost of living and inflation in part induced by these impulsive insistence the government give them money.
@@riffeteddybear7573 yes, but the higher minimum wage just accelerated the movement and proved out a faster payback period in a business case to justify the investment.
Love the way you preach the gospel man it’s not like “if you do this then nebulous good things might happen” it’s more like “look at these people living the kingdom way and how it worked out well for them with some hard evidence”
They didn't raise minimum wage for a long time. It wouldn't feel so bad if they didnt raise all prices on all items due to covid. They were able to raise prices and blame covid for it. Its not about how much minimum wage is
I remember making $6/hr working at Burger King in high school back in the late 90s
Min wage was 5.15 when I started working at 15 back in 2004… I felt blessed I started off at $6! 😂
Being as vertically integrated as possible is definitely a great way to buffer the economic/political winds while also enabling you to take care of your employees better.
I think it depends on the state but minimum wage in my state was 5.50 in 1989. Increasing with interest by 3% a year it should be $15.48 an hour now.
There’s more outrage over this that the corporations unfair pay. Whats interesting is that those same corporations have a lot more ability to put into your algorithm that pay raises that actual somewhat reflect the rate of inflation is a bad idea 😂 there are consequences, yes. Get used to it. Those McDonalds workers are contributing to that overall brands well being, they perhaps deserve that money. $20 isn’t going to be the end of the world 😂
What about the $800 billion this country spends a year (unaudited) on the military? Where’s the outrage there? 😂
How about we force these corporations to do math and figure it out ?
Well said.
Become a commie?
Yes same goes with tipping culture. We are encouraged to tip so the companies can not pay their workers properly. Like what are we doing lol
The meal "surged" a dollar 1.69?
Make college cheap so these younger folks don’t have to work minimum wage for the rest of their lives. How would the economy function off of unskilled and lack of innovative workers? Trust me, there is a lot of young folks that wants further education but can’t because of the cost of it. Even trade school can cost an arm and leg once you realize you need your own uniform, PPE, transportation for job sites, exams and licensing, and more importantly, tools!
Really cool to hear the positive things about In n out, and chicken fil a. Really good points on running Godly businesses. Also really glad to have left California, my goodness, the costs there are like another world. 😅
As long as, the US Gov. Keeps Printing money & Devaluing the Currency...
There will Always be a Need to Raise the Min. Wage..
so who again is min wage wrecking economy?
*the law states you had to be baking bread in 2023.
So, basically more jobs will be lost and the economy will be worse off
There’s college grads that don’t even come out of school making $20. They usually make $2-5 above minimum wage. So it’s going to affect the college and trade school grads as well.
Gonna need some stats to believe that. Not true in my case or anyone I know with a BS. Maybe a BA
@@user-nk4oe4dx7t you’re assuming college grads are able to get a job in their field. Many college grads can’t get a job in their fields right out of college and apply for whatever job they can get, and even with a degree they don’t bump up their pay
@@tayloranderson550 you’re assuming college grads are able to get a job in their field. Many college grads can’t get a job in their fields right out of college and apply for whatever job they can get, and even with a degree they don’t bump up their pay
Lots of misinformation and bad faith arguments
Lol please tell us what jobs you worked willing to bet you have never had a job in your life other then this pretending you know about businuss