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Stop with this nonsense. McDonalds workers in Denmark make $22/hr, get six weeks vacation as well as retirement benefits, and a Big Mac costs LESS than it does in the US. Our prices are high because we let companies charge those prices.
If you really think McDonalds needs to raise the price of a Big Mac to cover costs of higher wages, you're buying way too much into the propaganda.
The Big Mac and other assorted items actually cost more in Denmark, the numbers where it cost less were cherry picked during a time of a very strong dollar so it was an exchange rate issue.
Additionally, the taxation there is much flatter so citing gross pay is one thing and when you cite NET of tax pay they're a lot more in line with what people in the US currently make which is $14 or more outside of very low cost areas.
In short, you're regurgitating bad talking points while hilariously complaining about propaganda.
A little bit about capitalism. If consumers stop buying products at higher price points, corporations lower prices.
O.k....if raising the minimum wage causes the cost of products to go up and then, as consumers, we boycott those products what exactly do you think happens to the employee's jobs? If it costs too much to do business in a certain area, employers will pull up stake and move where the grass is a whole lot greener.
A little bit about capitalism. If consumers stop buying products at higher price points, corporations lower prices.
Assuming prior market equilibrium....only in the short term.
Oil production and gas prices is a classic example of this....when demand falls they don't just keep production the same.
P.S. Have you ever worked in any capacity setting prices for corporations? I have for decades, it's rather straightforward math taking into account costs and profit margins. Many of the comments in this thread are clearly being made by people with no idea what they are talking about that have been suckered by politicians, reddit memes and innumerate media hacks.
The Big Mac and other assorted items actually cost more in Denmark, the numbers where it cost less were cherry picked during a time of a very strong dollar so it was an exchange rate issue.
Additionally, the taxation there is much flatter so citing gross pay is one thing and when you cite NET of tax pay they're a lot more in line with what people in the US currently make which is $14 or more outside of very low cost areas.
In short, you're regurgitating bad talking points while hilariously complaining about propaganda.
Basic economics disputes all of your claims.
Incorrect. I actually looked up the price of big macs immediately before posting, so your claim that its only more "in times of a strong dollar" is wrong. For the rest, let's use your numbers. If you're arguing federal minimum wage should be $14/hr while guaranteeing six weeks vacation, health care and a pension for minimum wage workers, I support that 100%. The simple fact is there is no evidence that raising minimum wage causes any meaningful increase in consumer prices.
O.k....if raising the minimum wage causes the cost of products to go up and then, as consumers, we boycott those products what exactly do you think happens to the employee's jobs? If it costs too much to do business in a certain area, employers will pull up stake and move where the grass is a whole lot greener.
One of my first entry jobs was as a cashier for Christmas help. If they didn't have cashiers I'd be screwed out of that. Once I got "in" I did well and they kept me on Full-Time. Moved into the other depts, worked my way up. That was in the early 90's.
Now, Most of the fast food places around me have gotten rid of cashiers and have these touch screen kiosks.
Do everything there, or on an App, and simply pick up your order.
The old ways of entry are disappearing. But with technology and internet it can be easier to search and land jobs nowadays if you are willing. No more riding a bike and dropping off paper applications
Assuming prior market equilibrium....only in the short term.
Oil production and gas prices is a classic example of this....when demand falls they don't just keep production the same.
P.S. Have you ever worked in any capacity setting prices for corporations? I have for decades, it's rather straightforward math taking into account costs and profit margins. Many of the comments in this thread are clearly being made by people with no idea what they are talking about that have been suckered by politicians, reddit memes and innumerate media hacks.
I am currently a VP for a fortune 200 corporation (I've mentioned my background multiple times in the past on this forum). I have more experience with financials in corporations than most. I understand how little impact the draw from profitability for a minimum wage increase would have on stock prices.
Incorrect. I actually looked up the price of big macs immediately before posting, so your claim that its only more "in times of a strong dollar" is wrong. For the rest, let's use your numbers. If you're arguing federal minimum wage should be $14/hr while guaranteeing six weeks vacation, health care and a pension for minimum wage workers, I support that 100%. The simple fact is there is no evidence that raising minimum wage causes any meaningful increase in consumer prices.
You're wrong. The US and Denmark have different economies. You're seriously comparing a country of like, 2 million with a massive country of 330 million?
In almost all cases, a rise in the minimum wage without a commensurate rise in productivity generally leads to higher consumer prices. Pure and Simple. I was in South Korea when they raised the minimum wage 70% over 4 years. You're god damn right the cost of living rose across the board. I left that country specifically because it got too expensive.
In almost all cases, a rise in the minimum wage without a commensurate rise in productivity generally leads to higher consumer prices.
Productivity in the US is rising. People are calling for minimum wage to be raised for that reason. That's literally the point.
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