Most of these franchise owners are small businessmen, not millionaires as they have been portrayed. I’d like to seee wasserman, or any of these people on strike read a p&l and make sense of it.
They could take the increased wages out of their record profits and their record cash on hand and not have to increase the prices at all.
100 economists signed a petition supporting a bill sponsored by a Florida congressman that would raise the minimum wage from $7.90 to $10.50 an hour. In matched terms, that would still be less than the peak value of minimum wage, which was in 1968 (the equivalent of $10.70 in today’s dollars).“Raising the minimum wage to $10.50 an hour would result in just a nickel increase in the price of a Big Mac”“Raising the wages of all of [Wal-Mart]’s employees to at least $12 an hour would cost the average customer just 46 cents more during their typical trip to the store. Over an entire year, that’s just $12.50.”http://www.salon.com/2013/08/02/higher_wages_dont_hurt_consumers/
Normally I would be right there with you. Your post was accurate probably nearly 10 years ago, before the recession. In this “recovery” there aren’t as many good paying jobs but more “pretty darn close” to minimum wage jobs. Crap jobs. Heck it was in today’s paper..Is a minimum wage increase the right thing to do? Not sure, the only thing I do know is if we wait for corporations to “do the right thing” we will die waiting…
Fantasies like yours are not compelling counterarguments.Remember: the effective minimum wage has DECLINED sharply since 1968. Are you saying workers are worth less?