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Wendy's CEO Weighs in on Minimum Wage Increases

Discussion in 'News & Current Events' started by InTheLight, Aug 12, 2015.

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  1. InTheLight

    InTheLight Well-Known Member
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    We’ve had innumerable people who have never run a business in their lives trying to tell us that the effects of a minimum wage rise can only be glorious. So it’s refreshing to hear the views of someone who will actually have to deal with the effects of a minimum wage rise: the CEO of Wendy’s. Amazingly, they’re not predicting that their newly better paid employees are going to spend so much more at their stores that their profit increases. Nor are they predicting that the rise in aggregate demand is going to do the same. Finally, they’ve not broken down in tears, agreed that the shareholders are just too greedy, and insisted that the capitalist pigs will just have to do without so that the workers get their fair share.

    No, instead they predict that that their restaurants will have to increase prices and reduce the amount of labor that they use.

    That is, make all consumers worse off and also make some people unemployed. This isn’t the bright new dawn we were promised about a rise in the minimum wage, is it?

    http://www.forbes.com/sites/timwors...osses/?utm_campaign=yahootix&partner=yahootix
     
    #1 InTheLight, Aug 12, 2015
  2. Rolfe

    Rolfe Well-Known Member
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    Lest I get started on a rant about those who know nothing of operating a company telling business owners what they ought to do, I will only say that there are places in Europe where those kiosks are already in use. And they work well.
     
    #2 Rolfe, Aug 12, 2015
  3. preachinjesus

    preachinjesus Well-Known Member
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    It will ultimately bring about automation at higher levels.

    One group that is hurt by minimum wage increases, but thought of the least, are teenagers who are getting their first jobs in order to learn how to work, how to manage money, and (possibly) contribute a bit to their families.

    With minimum wage increases of the levels that are being seen in the US, fewer positions will be available to these teens, many of who go on to be productive and effective members of society.

    Minimum wage increases are not, on balance bad, but massive shifts upwards in wage earnings are usually bad economically for the short and medium term growth in a society.
     
    #3 preachinjesus, Aug 12, 2015
  4. 777

    777 Well-Known Member
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    #4 777, Aug 12, 2015
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