Min Wage Hikes Hurting Business

[thinkingman]

@dantes

Reminds me of promises to bring back manufacturing.

No one needs to be trained to want to pay lower prices. Generally speaking.

if theres demand, the price (wage) will increase

simple known fact that the capitalism hating left ignores

[PurpnGold]

@thinkingman

perhaps you would have a different perspective if you actually ran a razor thin profit margin restaurant. or actually knew anything about it.

You completely missed his point…

[PurpnGold]

@thinkingman

if theres demand, the price (wage) will increase

simple known fact that the capitalism hating left ignores

No if there is high demand AND low supply… then the price CAN increase.

The right doesn’t know the law of supply and demand

[thinkingman]

@ImRightYoureWrong

@Cynic

Every business that ever “went under” did so because they can no longer pay their employees wages.

Its not unique to them, simply reflects they had too few customers, and a stupid premise.

Workers struggle for decades to make ends meet, have to make cuts, go into personal debt. Republicans dont give a ■■■■■ But some business owners struggle to pay decent wages and its throw a fit time.

jobs aren’t charity programs designed to make people’s lives easy

[Cynic]

Does it hurt the consumer that a restaurant with better food, which can also pay its employees, replaced them?

[Munimula1]

but helping workers.

[hindsight]

I wonder if this forum existed over 100 years ago would someone post “Child Labor Laws Hurting Business”.

Im guessing someone would.

[MidwestIndy]

@thinkingman

@MidwestIndy

There are more than a dozen different factors that go into running a profitable restaurant. Most of them within the control of the company, a few of them not.

Using labor rate as an excuse for closing is simply a poor excuse.

Starbucks sells cups of coffee for $5+ each for a product any consumer could make at home for less than a dollar. Someone mentioned what happens when people stop going to a restaurant because they had to increase their prices because of minimum wage hikes.

How about that restaurant start doing a better job controling their food costs which at poorly run restaurants go above 40% or more of revenue.

How about they prepare a product that people actually will pay the menu price for.

So many other controllable aspects but the easy one to complain about is labor.

perhaps you would have a different perspective if you actually ran a razor thin profit margin restaurant. or actually knew anything about it.

Given my family owns two of them, im fairly confident i do know.

And i dont need a different perspective, im quite familiar with restaurant profit margins. There are plenty of ways to maintain profit margins regardless of increasing payroll.

[Cynic]

Companies are not charities that need to be rescued from being mediocre and mismanaged.

[thinkingman]

@PurpnGold

@thinkingman

if theres demand, the price (wage) will increase

simple known fact that the capitalism hating left ignores

No if there is high demand AND low supply… then the price should increase.

The right doesn’t know the law of supply and demand

i agree about the demand and supply

what does a mandated min wage have to do with that?

[thinkingman]

@hindsight

I wonder if this forum existed over 100 years ago would someone post “Child Labor Laws Hurting Business”.

Im guessing someone would.

why dont you go back a little further and talk about slave labor

or attempt to be relevant with things nowadays

[thinkingman]

@Cynic

Companies are not charities that need to be rescued from being mediocre and mismanaged.

agreed, unless the rescue involves improving business conditions (ie, less regulation and killer trade imbalance) vs bailouts (GM)

[hindsight]

@thinkingman

@hindsight

I wonder if this forum existed over 100 years ago would someone post “Child Labor Laws Hurting Business”.

Im guessing someone would.

why dont you go back a little further and talk about slave labor

or attempt to be relevant with things nowadays

Labor laws aren’t relevant now?

[PurpnGold]

@thinkingman

what does a mandated min wage have to do with that?

It raises the floor. Product still needs to be in demand to sell.

Why do you think Disneyland continues to raise prices every year ABOVE inflation? They are trying to control demand.

Can Universal Studios charge what Disney does? Both with a 15 dollar minimum wage? Nope! But that doesn’t mean Universal Studios is going out of business.

[CoachMcGuirk]

This is a pretty interesting podcast on the effects of the minimum wage increases in Seattle: https://www.listennotes.com/sv/podcasts/econtalk/jacob-vigdor-on-the-seattle-UNf_-D0W18S/

The impact–both positive and negative–has been pretty moderate so far.

Low wage workers who already had jobs and experience did better under the increased minimum wages. Low wage workers who had little experience did about the same. Inexperienced workers (especially teenagers) who were entering the labor market with no skill and no experience found it harder to find work than before the minimum wage increases. Businesses in Seattle are now less likely to hire people with no experience (especially teens with little attachment to the labor force).

Seattle remains one of the fastest growing big cities in the country. Restaurants are opening like crazy, and the unemployment rate in the city of Seattle is currently 3.1%.

I’m not convinced that minimum wage increases are the most effective way to increase the quality of life for low wage workers. On the other hand, I am convinced that they are not a death sentence for the economy in a region with a healthy economy.

[thinkingman]

@MidwestIndy

@thinkingman

@MidwestIndy

There are more than a dozen different factors that go into running a profitable restaurant. Most of them within the control of the company, a few of them not.

Using labor rate as an excuse for closing is simply a poor excuse.

Starbucks sells cups of coffee for $5+ each for a product any consumer could make at home for less than a dollar. Someone mentioned what happens when people stop going to a restaurant because they had to increase their prices because of minimum wage hikes.

How about that restaurant start doing a better job controling their food costs which at poorly run restaurants go above 40% or more of revenue.

How about they prepare a product that people actually will pay the menu price for.

So many other controllable aspects but the easy one to complain about is labor.

perhaps you would have a different perspective if you actually ran a razor thin profit margin restaurant. or actually knew anything about it.

Given my family owns two of them, im fairly confident i do know.

And i dont need a different perspective, im quite familiar with restaurant profit margins. There are plenty of ways to maintain profit margins regardless of increasing payroll.

no there arent

you appear to get more info about business from AOC claptrap vs your brother in law

[DougBH]

@Jezcoe

So I guess we need a permanent underclass of low wage workers to keep down inflation.

“Ain’t nothing wrong with that. There’s nothing wrong with working retail, folding clothes for other people to buy. There is nothing wrong with preparing the food that your neighbors will eat. There is nothing wrong with driving the buses that take your family to work.”

[Jezcoe]

@DougBH

@Jezcoe

So I guess we need a permanent underclass of low wage workers to keep down inflation.

“Ain’t nothing wrong with that. There’s nothing wrong with working retail, folding clothes for other people to buy. There is nothing wrong with preparing the food that your neighbors will eat. There is nothing wrong with driving the buses that take your family to work.”

Yes… and those people should be paid a wage that they can live on.

[thinkingman]

@PurpnGold

@thinkingman

what does a mandated min wage have to do with that?

It raises the floor. Product still needs to be in demand to sell.

Why do you think Disneyland continues to raise prices every year ABOVE inflation? They are trying to control demand.

Can Universal Studios charge what Disney does? Both with a 15 dollar minimum wage? Nope! But that doesn’t mean Universal Studios is going out of business.

raising prices is not raising min wages. they respond to what the market can bear.

this is called “greed” on msnbc

[Cynic]

As I linked earlier, appears they just served mediocre food. Try again,