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Thread: Food prices soar as incomes stand still

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    Re: Food prices soar as incomes stand still

    Quote Originally Posted by pinqy View Post
    But there's a huge difference between calculating and interpreting. Statistical agency employees gain no benefit from lying, but politicians have interest in creative interpretations.
    The people calculating the numbers do not gain from growth and gain no power. Now, studies done by policy makers may well be skewed, but regular econ statistics are done by professionals with no agenda except accuracy. I used to be one of them. There was never ever any attempt by any of us to make the numbers come out a certain way, and even if we wanted to, it would have been practically impossible.
    Hi pinqy....If this is truly the case, then why is the CBO for instance, restrained from using anything outside the parameters that they are given by the various legislators to make their numbers?

    We have seen the mess in the IRS by career individuals that are loyal to an ideology, and what they can do, why not in the other various bureaucracies?
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    Re: Food prices soar as incomes stand still

    Quote Originally Posted by j-mac View Post
    Hi pinqy....If this is truly the case, then why is the CBO for instance, restrained from using anything outside the parameters that they are given by the various legislators to make their numbers? We have seen the mess in the IRS by career individuals that are loyal to an ideology, and what they can do, why not in the other various bureaucracies?
    Having the IRS become politicized was perhaps the most egregious thing that happened to the USA in its history. Wars and scandals can eventually be forgotten and forgiven but having the most important domestic arm of the government turn against politically selected groups, without serious changes made or having a serious inquiry, is what will destroy the divided house the US has become. The bureaucracies are where the powers really lie.

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    Re: Food prices soar as incomes stand still

    Quote Originally Posted by Ikari View Post
    Free market enables the highest amount of economic mobility and wealth distribution. It's the ideal to strive towards. If we could really restore free market.capitalism, we will have gone a long way in addressing some of our major problems.
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    Re: Food prices soar as incomes stand still

    Quote Originally Posted by pinqy View Post
    But there's a huge difference between calculating and interpreting. Statistical agency employees gain no benefit from lying, but politicians have interest in creative interpretations.
    The people calculating the numbers do not gain from growth and gain no power. Now, studies done by policy makers may well be skewed, but regular econ statistics are done by professionals with no agenda except accuracy. I used to be one of them. There was never ever any attempt by any of us to make the numbers come out a certain way, and even if we wanted to, it would have been practically impossible.
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    Re: Food prices soar as incomes stand still

    Quote Originally Posted by ttwtt78640 View Post
    His point was that a MW increase would have little food price impact, not that transportation (or any other) costs are not also important.
    It would have an extremely dramatic increase in food prices, if you for example double minimum wage you may as well double the cost of the service that worker is doing.

    It's extremely simple math.....

    Communists just don't get it because they're under some delusion that every business has a 99% profit margin.

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    Re: Food prices soar as incomes stand still

    Quote Originally Posted by Mr.Nick View Post
    It would have an extremely dramatic increase in food prices, if you for example double minimum wage you may as well double the cost of the service that worker is doing.

    It's extremely simple math.....

    Communists just don't get it because they're under some delusion that every business has a 99% profit margin.
    So 100% of the cost of a Big Mac is due to the labour costs of the staff at the Macdonald's the burger is made at?

    The transportation, the building, the food, the electricity etc have zero cost when it comes to the price of a big mac, just the labor of the 16 year olds making the burger and at the till
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    Re: Food prices soar as incomes stand still

    Quote Originally Posted by Lord Tammerlain View Post
    So 100% of the cost of a Big Mac is due to the labour costs of the staff at the Macdonald's the burger is made at?

    The transportation, the building, the food, the electricity etc have zero cost when it comes to the price of a big mac, just the labor of the 16 year olds making the burger and at the till
    On the bright side, there will be more technical innovation and automation to do the work of these young people and the 'you want fries with that?' jokes will end.

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    Re: Food prices soar as incomes stand still

    Quote Originally Posted by Grant View Post
    On the bright side, there will be more technical innovation and automation to do the work of these young people and the 'you want fries with that?' jokes will end.
    And without the cost of labor the big mac will be free, according to Mr Nick. A huge bright side
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    Re: Food prices soar as incomes stand still

    Quote Originally Posted by Lord Tammerlain View Post
    And without the cost of labor the big mac will be free, according to Mr Nick. A huge bright side
    I don't see where he said that. Do you have the quote?

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    Re: Food prices soar as incomes stand still

    Quote Originally Posted by Grant View Post
    I don't see where he said that. Do you have the quote?
    It would have an extremely dramatic increase in food prices, if you for example double minimum wage you may as well double the cost of the service that worker is doing.
    Meaning if min wage was doubled then the cost would double. Inversely, if min wage was reduced by half the cost would reduce by half.

    Taken to extreme, if you remove the labour cost of the min wage worker, the cost of the product becomes zero.

    Or more to the point, the idea that increasing the min wage by double would increase the cost of the goods of services by nearly double is idiotic. It ignores the vast number of other costs involved in the production of said good or service. Only services at the most basic level would come anywhere close to what he said (neighborhood kid shoveling snow for instance). A fast food restaurant has a huge number of other costs associated with making and selling any product. The restaurant alone will cost over 1 million to build, food costs, heating costs, electricity costs, transportation costs, waste etc. Labour is definitely a significant cost, perhaps 30 -40 % in most cases, which means an increase of 20% in Wages would lead to an increase of the COG of 6-8%. Not the nightmare scenario that most seem to make it out to be

    Heck the people working there (who are not students living with their parents) would be able to eat there
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