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No, I don't. In fact, in the very post that you quoted and responded to, I said exactly the opposite.
You're getting lazy again. This has been a trend with you lately. You argue for 20 or 30 or 40 or 50 pages, and then you just stop paying attention. It's like your brain goes on autopilot - you don't read what you're responding to, and you make short, one line, nonsensical arguments.
I like debating with you, urban. Please don't let yourself get so lazy about it.
What happens is they start the thread repeating talking point after talking point, but after being questioned for pages, and those talking points get called bs, for what they are.. they cant respond anymore to whats being said because they never thought beyond the talking points to begin with.
The rate of productivity in this country has increased, yet the minimum wage hasn't. You can argue against minimum wage all you want, but that is a fact.
Has the rate of productivity of minimum wage workers increased?
Has the rate of productivity of minimum wage workers increased?
It really doesn't matter because productivity increase does not necessarily mean more profit. Without more profit, there's no raise.
For example, you make 20 loaves of bread/hour making $0.50/loaf x 20= $15/hour - still waiting to see how anybody can make $0.50/loaf but different story that urbanlife78 can fill in.
One day you buy a new tool that helps you to make 40 loaves bread per hour. You would think you can make 40 x$0.50/loaf = $20/hour but here comes the catch. Every competitor you have now can also make 40 loaves/hour. There's an oversupply and everybody is cutting prices down to $0.25/loaf.
So your productivity is up but you are still making 40 x $0.25/loaf = $10/hour.
It really doesn't matter because productivity increase does not necessarily mean more profit. Without more profit, there's no raise.
For example, you make 20 loaves of bread/hour making $0.50/loaf x 20= $15/hour - still waiting to see how anybody can make $0.50/loaf but different story that urbanlife78 can fill in.
One day you buy a new tool that helps you to make 40 loaves bread per hour. You would think you can make 40 x$0.50/loaf = $20/hour but here comes the catch. Every competitor you have now can also make 40 loaves/hour. There's an oversupply and everybody is cutting prices down to $0.25/loaf.
So your productivity is up but you are still making 40 x $0.25/loaf = $10/hour.
Seeing you are still baffled by bread, this should make it easier for you to understand.
It cost about N80.00 ($0.50) to produce standard sliced bread in Nigeria. The bakers sells at N130 to suppliers and make N50 per bread. The suppliers sells to retailers at the cost of N170 and make N50 gain per loaf of bread they supply while the retailers sells between N200 to N220 to the final consumers. So, N50 is the average gain made by each of the parties involved at every stage from production to the final supply.
A typical standard bakery with good supply network produce and sell 50,000 loaves of sliced bread weekly on average. Now multiply 50 by 50,000 and what you get is the profit for the weekly production and supply - N2,500,000.
Since the cost of production have been taken care of by the N80. You just need to subtract the running costs to get your final profit. Lets say you spend the whole N500,000 for the running cost
1. Cost of fueling your diesel generator for the week = N50,000
2. Cost of fueling and maintaining the supply vehicle = N100,000
3. Cost of labor and staffs welfare during the week = N100,000
4. Damages and other miscellaneous expenses = N50,000
When you subtract all these from the N2.5 million, you will have N2.2 million left as your take home for the week. Can you now see why bread bakery business is considered one of the most profitable business in it's category? How to Start a Bread Bakery Business ~ Wealth Result
Raising the minimum wage will still leave a bread factory with enough profits.
If you can only make 40 loaves an hour for a bread business, you are doing it wrong.
Seeing you are still baffled by bread, this should make it easier for you to understand.
It cost about N80.00 ($0.50) to produce standard sliced bread in Nigeria. The bakers sells at N130 to suppliers and make N50 per bread. The suppliers sells to retailers at the cost of N170 and make N50 gain per loaf of bread they supply while the retailers sells between N200 to N220 to the final consumers. So, N50 is the average gain made by each of the parties involved at every stage from production to the final supply.
A typical standard bakery with good supply network produce and sell 50,000 loaves of sliced bread weekly on average. Now multiply 50 by 50,000 and what you get is the profit for the weekly production and supply - N2,500,000.
Since the cost of production have been taken care of by the N80. You just need to subtract the running costs to get your final profit. Lets say you spend the whole N500,000 for the running cost
1. Cost of fueling your diesel generator for the week = N50,000
2. Cost of fueling and maintaining the supply vehicle = N100,000
3. Cost of labor and staffs welfare during the week = N100,000
4. Damages and other miscellaneous expenses = N50,000
When you subtract all these from the N2.5 million, you will have N2.2 million left as your take home for the week. Can you now see why bread bakery business is considered one of the most profitable business in it's category? How to Start a Bread Bakery Business ~ Wealth Result
Raising the minimum wage will still leave a bread factory with enough profits.
If you can only make 40 loaves an hour for a bread business, you are doing it wrong.
There, that should be a good start for you. It is up to you on how you wish to take this information.
How does this favor the rich?
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