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Ah. Restaurants open as a law of nature, yet only close due to a policy you don't like. Got it.
Ah..someone who doesn't know that the market is a law of nature, and businesses still open regardless. Got it.
Restaurants take years and years of planning and hundreds of thousands of dollars of money to invest, so no smart business owner is gonna stop halfway through. It still doesn't change the fact that they're shedding jobs and raising prices, which will cause many of them to close their doors.
Restaurants have been raising prices for decades. Until we rid ourselves of the reason that is, I'm not going to condemn those who have to eat also and don't want to have to choose between eating and paying the gas bill so that others can afford the 4th beer.
Of course they have; the margins in the restaurant industry are tiny.
But basic economics states that the more you raise wages, the higher the costs for the business owner.
Of course they have; the margins in the restaurant industry are tiny.
But basic economics states that the more you raise wages, the higher the costs for the business owner.
Tell that to the Federal Reserve. I understand that you are fine with ending that also but until we do I will not side with blaming everything on the poor.
Stats showing 1.6 percent job loss was for the year before the law took effect. Those stats only show FULL SERVICE restaurants. Fast food and limited service restaurants likely had job increases so those stats conveniently were left off the list. Cherry picking.
Fast Food and Limited Service Restaurants are the fastest growing segment of the restaurant industry. This is taking away market share from Full Service restaurants all across the USA. Has nothing to do with minimum wage and everything to do with customers wanting a fast meal.
Quote:
Originally Posted by thefragile
That didn’t even go into effect til December 31st.
If you were to ever run a business, this mindset is why your business would fail. You don't react to something after it happens, you keep up on what is going on, what is planned, and be proactive to protect your business.
It's very evident that neither one of you have ever run a business. You have no idea the investment that people make into their businesses. A lot of them put everything into their business. Restaurants are not easy businesses to get up and starting - so when you have one that is doing well, successful, etc, the last thing you're going to do is sit back and just "hope" everything continues to go well. You stay on top of the news, and you protect your investment, as best as you can, from anything that you see coming down the pipe line.
Amazing that an educated guy like you doesn't know that the Post is like the National Enquirer...and owned, of course, by Rupert Murdoch.
"Since Murdoch took over the paper, The Post has been known for their over-the-top sensational headlines."
You don't have much cred, but you can increase it by actually taking a wider view, using both known facts and your own personal experience.
For example:
1. Even in the 1980's it was considered typical of people even in my "class" (upper middle) to spen $200-$300+ on a dinner in NYC for a couple people (2-3). Keeping inflation in mind, that would be at least $250 a head today.
If you think that an eatery that charges $250 per head is going to hurt due to a $3-$5 increase in hourly wages, then this debate is useless.
2. My own daughter made over $20 an hour as waitstaff in an upper-middle class area outside Philly in 1995. This would be equiv to over $30 an hour today...and this income didn't hurt the restaurant at all.
AND MOSTLY.......
3. Eating habits are changing. Most folks I know with money don't feel the need to "do it fancy in NYC" in that fashion any more. Thrift is in vogue where that was not the case always. High quality fast food and cooking at home (all those delivery services with fresh stuff to prepare, etc.) are taking business from the high end stuff.
Many of the restaurants in NYC are for tourists. And even Tourists have changed in that regard since they are "thrifty people too".
Your biggest mistake is thinking it is somehow positive or negative as to what one small sector of the food or service industry does. One can imagine you lamenting about a loss in business for NYC parking garages due to Uber.
Better to remain silent and be thought.....to not have an overall viewpoint, then to speak and make folks realize you may not know your economics.
Funny...because I do know economics, and basic economics says that the higher the wages the higher the cost to the business owner. If said business owner is providing a service, he can either absorb the costs or charge more for his services. As the restaurant industry already has an extremely high failure rate due to the slim profit margins inherent in the industry, and increase of the mandatory minimum wage will force a restaurant owner to either raise the prices or shed jobs and/or worker hours.
Tell that to the Federal Reserve. I understand that you are fine with ending that also but until we do I will not side with blaming everything on the poor.
I'm not blaming anything on the poor; I'm blaming politicians who are completely ignorant of economics trying to socially engineer the market.
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