Author Topic: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles  (Read 5768 times)

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Online jmyrlefuller

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Offline Oceander

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #1 on: August 01, 2013, 08:09:22 AM »
« Last Edit: August 01, 2013, 08:29:41 AM by Oceander »

Offline EC

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #2 on: August 01, 2013, 08:13:21 AM »
I have zero problem with paying 68 cents more for a Big Mac.

Provided they make it taste of something.  :whistle:
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Offline Oceander

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #3 on: August 01, 2013, 08:33:38 AM »
I have zero problem with paying 68 cents more for a Big Mac.

Provided they make it taste of something.  :whistle:

Then you shouldn't have a problem with increasing the minimum wage to, say, $30, should you?  After all, that would only result in a measly increase of $1.36 in the cost of a big mac - and just imagine how much more economic activity there would be with all those service industry employees flush with all that new-found cash!  It would be a virtuous cycle that lifted all boats!!!

Offline DCPatriot

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #4 on: August 01, 2013, 08:41:45 AM »
LOL!.....low information voters will think that buying a Big Mac covers the cost of the DOUBLING of the minimum wage.


Wait until they see the price of fries...breakfast items....drinks. 
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Offline EC

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #5 on: August 01, 2013, 09:11:30 AM »
Then you shouldn't have a problem with increasing the minimum wage to, say, $30, should you?  After all, that would only result in a measly increase of $1.36 in the cost of a big mac - and just imagine how much more economic activity there would be with all those service industry employees flush with all that new-found cash!  It would be a virtuous cycle that lifted all boats!!!

Bit of a jump  :laugh: I just wish they'd make Big Macs taste of something. They have a thing they call a Big Tasty here at the moment. Basically a bacon cheeseburger. I tried one and seriously thought about calling Trading Standards about false advertising.

You know as well as I that raising wages raises prices and you inevitably wind up with less spending power than you had before the wage increase. You are roughly my age - if I recall correctly - and have lived through at least 4 of those cycles so far, with the next one on the horizon.
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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #6 on: August 01, 2013, 09:21:18 AM »
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Offline DCPatriot

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #7 on: August 01, 2013, 09:22:34 AM »
Bit of a jump  :laugh: I just wish they'd make Big Macs taste of something. They have a thing they call a Big Tasty here at the moment. Basically a bacon cheeseburger. I tried one and seriously thought about calling Trading Standards about false advertising.

You know as well as I that raising wages raises prices and you inevitably wind up with less spending power than you had before the wage increase. You are roughly my age - if I recall correctly - and have lived through at least 4 of those cycles so far, with the next one on the horizon.

Plus.....doubling the minimum wage doesn't translate into ALL that increase going into the employee's pocket as additional discretionary spending.

The withholding taxes and FICA taxes and state taxes will grab 'their share'.
"It aint what you don't know that kills you.  It's what you know that aint so!" ...Theodore Sturgeon

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Offline DCPatriot

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #8 on: August 01, 2013, 09:26:02 AM »
I actually wouldn't mind if the minimum wage was increased.....in specific areas where the cost-of-living is much higher.

Understanding that minimum wage positions are usually for young people entering the workplace....it's not true in this economy.

you cannot survive on $7.25 per hour anyplace in the Washington, DC region.  Not if you're paying for rent, utilities, food, gas, etc..

"rent" becomes "board" because your apartment/house is now just a room or basement.
"It aint what you don't know that kills you.  It's what you know that aint so!" ...Theodore Sturgeon

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Offline Rapunzel

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #9 on: August 01, 2013, 06:26:34 PM »
Heck, if I could make $15, $20 or $30 an hour flipping burgers why am I putting in the long hours doing something that requires a brain?

Another thing... wait until these entry-level burger-flippers find out their hours are being cut thanks to Obamacare and they will be making LESS money.

At any rate, this is all about the unions finally (they hope) getting a foothold in the food industry.. they need this because their numbers keep dropping as more and more of their former jobs are being sent overseas for cheaper labor.

Online mountaineer

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #10 on: August 01, 2013, 06:57:31 PM »
At any rate, this is all about the unions finally (they hope) getting a foothold in the food industry.. they need this because their numbers keep dropping as more and more of their former jobs are being sent overseas for cheaper labor.
Obama pretty much has crapped out heavy industry, so the unions representing coal miners, steelworkers, and the like are SOL. All that's left is SEIU, which already has a toehold on certain segments of the food service industry. I worked for one company where most of the cooks were SEIU-represented. What they got out of it was a top wage of $10 per hour (for people with many years' experience), some of which they then had to fork over for union dues. Thanks for nuttin'!
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Online jmyrlefuller

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #11 on: August 02, 2013, 11:30:51 AM »

Offline Scottftlc

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #12 on: August 02, 2013, 11:33:02 AM »
Well, George Lewis told the Englishman, the Italian and the Jew
You can't open your mind, boys, to every conceivable point of view

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Online jmyrlefuller

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #13 on: August 02, 2013, 12:32:37 PM »
The other thing I notice about this "study" is that it assumes everything in the supply chain stays the same as well, which I doubt is the case. The meatpackers and farm hands that process the food before it gets sent to McD's and other fast-food chains are also relatively low-wage labor who would also be affected, thus driving prices upward even further.
« Last Edit: August 02, 2013, 12:32:59 PM by jmyrlefuller »

Offline SouthTexas

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #14 on: August 02, 2013, 12:48:27 PM »
I have zero problem with paying 68 cents more for a Big Mac.

Provided they make it taste of something.  :whistle:

I think it tastes good, I just can't digest it anymore.

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #15 on: August 02, 2013, 12:58:06 PM »
It's not about McDonald's, it's about every restaurant. Labor is usually closer to 30% than 17% for most in the industry. Add food costs (~30%), overhead (utilities, cleaning, pest control, supplies, crockery, rent, maintenance, insurance) of at least 35%, and you're looking at barely a 5% profit - in a good year.
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Offline EC

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #16 on: August 02, 2013, 03:19:40 PM »
Those are pretty solid percentages for any business.
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Offline silverhair

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #17 on: August 04, 2013, 08:41:17 PM »
Plus.....doubling the minimum wage doesn't translate into ALL that increase going into the employee's pocket as additional discretionary spending.

The withholding taxes and FICA taxes and state taxes will grab 'their share'.

That, plus reducing the number of low wage workers who need government assistance to get by, could reduce the debt.

Offline Rapunzel

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #18 on: August 04, 2013, 09:27:30 PM »
Did anyone watch Huckabee tonight?  The entire hour was on jobs.  One segment had a black woman who claimed she used to sell cosmetics and lost the "well-paying" job and had to settle for McDonalds... sooooooo Huckabee asks her. If you get a raise from $7.50 an hour to $8.00 an hour but have to pay union dues won't you actually be going backwards?  She says... nope that will be great.  Then Tamara Holder one of the biggest libs on Fox (lawyer from Chicago Hannity loves to have on his show) goes on about how being unionized will force these companies to pay for health insurance for the workers.

Frankly all I could see was a) total lack of financial clarity on the part of Holder or the black woman and b) a worker spitting in the food (as we've seen all too often) and the company being unable to fire them because they are unionized.

BTW Mike Rowe was on the show and his segment was very, very interesting.

famousdayandyear

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #19 on: August 04, 2013, 09:59:04 PM »
Do any of these people realize what unions have done to the automobile industry or Detroit?  Econ 101 should be taught in junior high school -- if such a thing still exists.

Offline Rapunzel

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #20 on: August 04, 2013, 11:02:20 PM »
Do any of these people realize what unions have done to the automobile industry or Detroit?  Econ 101 should be taught in junior high school -- if such a thing still exists.

In "my day" I had to take - and pass - College Econ 101 in order to get my high school diploma.  We also were required to take civics classes.  Today they allow kids to take things like "black studies" instead of American History.... they are teaching Gay ed... etc... our schools are a disgrace..... Home school!!!

Offline Oceander

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #21 on: August 04, 2013, 11:15:31 PM »
The other thing I notice about this "study" is that it assumes everything in the supply chain stays the same as well, which I doubt is the case. The meatpackers and farm hands that process the food before it gets sent to McD's and other fast-food chains are also relatively low-wage labor who would also be affected, thus driving prices upward even further.

You've now proven that you're more intelligent than at least 99.99% of all liberals!

Offline Oceander

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #22 on: August 04, 2013, 11:22:57 PM »
Mainly off-tangent, but still slightly relevant:  I saw a clear sign that Obastardcare is already screwing the minimum wage crew:  a "Now Hiring" sign at a Burger King on Long Island that specified they were hiring for "up to 25 hours a week" - meaning that at least this BK in question is putting an iron-clad cap on employees' hours in order to keep part-timers from increasing BK's overhead expenses.  Gone are the days when someone could start with a part-time job and, through initiative and grit wrangle enough extra hours from the managers and other employees who wanted to take time off to patch together 40 (or more) hours a week.

In other words, Obastardcare has just taken another stepping-stone to self-reliance and freedom away from people on the bottom end of the economic ladder, and has permanently locked them into place at the bottom of the economic order.

Offline silverhair

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #23 on: August 04, 2013, 11:51:52 PM »
Do any of these people realize what unions have done to the automobile industry or Detroit?  Econ 101 should be taught in junior high school -- if such a thing still exists.

NUMMI proved otherwise.

famousdayandyear

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Re: Price of Big Mac Could Rise by 68 Cents If Minimum Wage Doubles
« Reply #24 on: August 04, 2013, 11:59:14 PM »
NUMMI proved otherwise.

I thought the joint venture between Toyota and GM ended when GM pulled out and Toyota realized a unionized work force in California was not going to be successful--ie turn a profit.


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