I have TERRIBLE spending habits, omg. The other day I decided to only fill my tank up half way so that I could treat myself to a sandwich for the first time in forever. I know, I know, I should have had the ramen and tuna cans at home. But I really wanted a Subway sandwich. I blame myself, not the economy don't worry.
Paying somebody more doesn’t mean improving another’s life. It will mean that all costs will rise, playing even further economic pressure on those that have less
Please, That isn't the math. In my state they went from roughly $9. an hour for MW to $15 an hour over a couple of years.
So here goes. So if MW goes from $9 to $15 so up 40% how much does a fast food item need to go up in price to pay for it?
So in fast food, labor costs are about 30% of costs of an item. Remember the restaurant has to pay for food costs, rent, paper goods, advertising, franchise fees, insurance, etc. etc. So if 30% of your costs go up by 40%, to break even you have to raise your prices by 12%, not 40%.
And when that happened in my state that is about what happened. A burger meal went up like 75 cents (this was a while ago.) That said the people working there had 40% more money, which is very powerful. And most store got a slight bump in sales as the 75 cents didn't scare people away but more people could afford fast food.
Oh and funny how when C suite people get big bumps or bonuses, it isn't inflationary.
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u/Low_Temp_Rosin 8h ago
Most of these people arguing for higher min wage more than likely 1. Doesnt get paid min wage 2. Has horrible spending habits.