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Thread: McDonald's boss says he's "proud" of wages as thousands of workers call for a rise

  1. #231
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    Re: McDonald's boss says he's "proud" of wages as thousands of workers call for a ris

    Quote Originally Posted by Conservative View Post
    please show me those costs on a financial statement. Costs of goods aren't an expense and are paid for out of the revenue for that item. Over and above those costs are the monthly operating expenses so before spending someone else's money I suggest you employ some people, create a financial statement, and learn about business operating expenses.
    I just read an article about McDonalds finances as it relates to the studies that claimed how much mor a bid mac would be. This is the meaningful paragraph.

    But lost in this discussion is a fundamental misunderstanding of McDonald’s business. The company owns just 20 percent of its restaurants. Most of the $27.6 billion in revenue it made last year came from franchise royalties and rent paid by franchisees. So a researcher can’t simply look at the company’s annual report, calculate the salary number, and then extrapolate that for an entire system. McDonald’s is a totally different business from the one run by franchisees.
    That McDonald's Salary Study Gets It Wrong - Restaurant Industry Insight, News and Analysis - July 2013

    It also said their labor cost is 20% which I'm not prepared to believe unless I saw few monthlies.
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    Re: McDonald's boss says he's "proud" of wages as thousands of workers call for a ris

    Quote Originally Posted by sawdust View Post
    The restaurant business has the highest failure rate of any small business. The government has already crippled it with insurance costs and more restrictive dram shop laws. Adding additional labor costs is just going to cause closures, as it has in Washington. Increasing the minimum wage is a bad idea.
    I'll be the first to tell you that you know quite a bit more about the restaurant business than I do - no argument there. Thing is, the fact that you know more about that business doesn't mean that you have a better understanding of the overall economics of the minimum wage hike.

    I'm going to go into generalities here, and I can well understand if you take a truly dim view of what I'm saying. In my experience - and remember, this is generally speaking - conservatives have a great eye for detail. If you want something run as efficiently as possible, get a conservative - whether for business or mechanics or whatever. Conservatives are better than liberals for correctly interpreting what's right in front of them, and conservatives look at liberals and wonder "how the heck couldn't you see that for what it is?" This is one reason why (and again, this is IMO) a lot of conservatives see snow and believe that's proof that global warming is a crock - they see the here and now and could give a tinker's damn about what's going on on the other side of the planet.

    Liberals, however, are generally better at big-picture concepts, and hate nothing more than getting lost in the details. Sometimes that bites us in the ass, true, but we also find that sometimes, paying too much attention to the details keeps one from getting a better grasp of the whole - not seeing the forest for the trees, as it were. That, and money seems to mean less to us than it does to conservatives. This is why we tend to take lower-paying jobs such as teaching or scientific research or social work. It's what we like to do, even when it pays less.

    Where I'm going with all this is that you know better than I do how it affects your particular industry...but your industry, as big as it is, is but a small part of the greater whole. What we liberals see is if the entry-level workers in every industry (and not just the restaurant industry), they will still spend almost every penny they get - all the money will still go back to the stores, the restaurants, the entertainment industry, whatever. The businesses will pay their entry-level staff more, but there are more people with money who are spending that money. Will businesses automatically raise their prices in consonance with the pay raises? Sure, some, perhaps most will...but then there's that little thing called 'market forces' at work, and those businesses that figure out what corners can be cut, how to run things more efficiently, will refrain from raising their prices too high...and competition does the rest.

    A rising tide lifts all boats...and we've seen it before. This minimum wage hike isn't much different from raising taxes - it's still a form of monetary redistribution (which words makes conservatives hurl). But again, it's not as if the extra money these entry-level workers are getting paid is somehow being poured down a pit - they spend almost every penny, and it's the businesses they go to that are the beneficiary. Including your own.

    And if you need to see proof of this, just compare the first-world democracies to third-world democracies. The first-world democracies all have high effective minimum wages (except for Germany, which has very strong unionization)...and they are all (even Greece) retaining first-world status after five decades or more of this kind of economic model. Third-world democracies have no significant minimum wage...and as a result, their workers are paid not much more than starvation wages - I've seen it with my own eyes.

    So...yeah, you might be dismissing all this with a disgusted ha-rumph, but that's what I see...and the economies of all the world are my proof.
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    Re: McDonald's boss says he's "proud" of wages as thousands of workers call for a ris

    Quote Originally Posted by Conservative View Post
    please show me those costs on a financial statement. Costs of goods aren't an expense and are paid for out of the revenue for that item. Over and above those costs are the monthly operating expenses so before spending someone else's money I suggest you employ some people, create a financial statement, and learn about business operating expenses.
    Hm. Let me see here. I can take your word for the costs of running McDonald's...or I can take the word of these people who run the site for the reference I gave you.

    Looking at their qualifications, and bearing in mind some of the things I've seen you post in the past...I'll take their word for it.
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    Re: McDonald's boss says he's "proud" of wages as thousands of workers call for a ris

    Quote Originally Posted by Glen Contrarian View Post
    I'll be the first to tell you that you know quite a bit more about the restaurant business than I do - no argument there. Thing is, the fact that you know more about that business doesn't mean that you have a better understanding of the overall economics of the minimum wage hike.

    Where I'm going with all this is that you know better than I do how it affects your particular industry...but your industry, as big as it is, is but a small part of the greater whole. What we liberals see is if the entry-level workers in every industry (and not just the restaurant industry), they will still spend almost every penny they get - all the money will still go back to the stores, the restaurants, the entertainment industry, whatever. The businesses will pay their entry-level staff more, but there are more people with money who are spending that money. Will businesses automatically raise their prices in consonance with the pay raises? Sure, some, perhaps most will...but then there's that little thing called 'market forces' at work, and those businesses that figure out what corners can be cut, how to run things more efficiently, will refrain from raising their prices too high...and competition does the rest.

    A rising tide lifts all boats...and we've seen it before. This minimum wage hike isn't much different from raising taxes - it's still a form of monetary redistribution (which words makes conservatives hurl). But again, it's not as if the extra money these entry-level workers are getting paid is somehow being poured down a pit - they spend almost every penny, and it's the businesses they go to that are the beneficiary. Including your own.

    And if you need to see proof of this, just compare the first-world democracies to third-world democracies. The first-world democracies all have high effective minimum wages (except for Germany, which has very strong unionization)...and they are all (even Greece) retaining first-world status after five decades or more of this kind of economic model. Third-world democracies have no significant minimum wage...and as a result, their workers are paid not much more than starvation wages - I've seen it with my own eyes.

    So...yeah, you might be dismissing all this with a disgusted ha-rumph, but that's what I see...and the economies of all the world are my proof.
    I have a very good friend who is very liberal. We were talking about something political and he said something which I think describes the political dichotomy perfectly. He said I don't know what I think but I know how I feel. This is the way liberals feel about the minimum wage. They feel that entry level workers need more money but they don't think about the industries affected. I'm tired of saying this. You can't uncouple productivity and wages. If a job doesn't financially justify itself financially it will go away and minimum wage becomes unemployment.

    If you want to raise all boats and see entry level jobs pay more there is only one way that's sustainable. Full employment. While we have successfully transformed outr economy to a service economy and away from manufacturing, primarily because of labor costs, growth of the economy is what we need. The market will take care of wages if there is competition for employees. It's happened in my furniture manufacturing business and it's happening in North Dakotas oil fields. Bernie Sanders says that the real unemployment number is thirteen percent. The reason is the administrations management of the economy. Wall Street is doing great and main street not so much. Wall street is succeeding because Janet Yellen keeps pumping and is keeping interests artificially low. Printing all that cash won't end well. The health insurance law prohibits growth and is making a mess of the insurance industry. We have taken all the wrong financial steps to recover from the great recession.

    So, some people are suffering and Obama believes that Keynesian economics has a better feel than real prow business, pro growth policies because, God forbid, people who take risks and own businesses might make more than people at the lower end of the socioeconomic ladder. I guess that throws the rising tide theory out the window.
    "A democracy cannot exist as a permanent form of government. It can only exist until the majority discovers it can vote itself largess out of the public treasury." Attributed to Alexander Tytler

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    Re: McDonald's boss says he's "proud" of wages as thousands of workers call for a ris

    Quote Originally Posted by Glen Contrarian View Post
    Why don't you look to see how much it really would raise prices according to The Motley Fool.
    That article seems insufficient. How about the minimum wage worker at the farms McDonalds gets the food from. The cost of their food goes up. How about the MW increases impact on the cost of the manufacture of the paper goods. Etc, etc.

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    Re: McDonald's boss says he's "proud" of wages as thousands of workers call for a ris

    Quote Originally Posted by Nicci View Post
    Congrats while you worked in the 1960s. The fact you think $15/hr is even a high wage(depending upon location) for entry level really says a lot about how in touch you are with the average work force.

    Sometimes there are not the options available for people and that is something many on this board are apparently ignorant towards.
    I never said 15.00 an hour was a high wage. I still maintain that anyone staying in an entry level position is not motivated or has reached their level of incompetency.

    I AM out of touch with the work force today. I AM RETIRED!!!!! I spent a long time saving my money so I could RETIRE. We lived well below our means for decades to save for retirement. When I got back from Iraq the Army said I my hearing was shot so they retired me. I worked as a roofer, taco bender, steel worker, auto mechanic, carpet layer, framer, electrician, bucked hay, day labor doing whatever they had for me that day and finally aircraft mechanic. I took a lot of low paying jobs just to eat and pay for gas. That is how you earn something. Nobody is owed anything. Nobody deserves anything until they earn it.

    Oh yeah, in two years my wife will retire too and both of us will be RETIRED!!! Just two old farts and a dog wandering around in the mountains enjoying being RETIRED!!!!

    My first job was at Taco Bell at 3.65 an hour, that was in the 70's.
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    Re: McDonald's boss says he's "proud" of wages as thousands of workers call for a ris

    $3.65/hr in the 1970s? Adjusted for inflation that would be a good starting wage today, well above the current federal minimum, even if we get very generous and use 1979's dollar as a point of reference.

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    Re: McDonald's boss says he's "proud" of wages as thousands of workers call for a ris

    Quote Originally Posted by Nicci View Post
    Can I get a different link than heritage? Sorry they are a bit on the... make up facts as we go side of things.
    Oh please. Stop embarassing your self. When Heritage states a fact, it's fact.

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    Re: McDonald's boss says he's "proud" of wages as thousands of workers call for a ris

    Why $15? Why not a 10% increase or 20%? I never got a 20% raise but they deserve one and I don't I guess. But why not $17.49? Why $15? Who decided on that number? Maybe a nationwide boycott of chain businesses would crack their backs as they dump good money on lazy people. Then Obama could step in and guarantee people $50K/yr. whether they work or not.

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    Re: McDonald's boss says he's "proud" of wages as thousands of workers call for a ris

    Quote Originally Posted by KLATTU View Post
    Oh please. Stop embarassing your self. When Heritage states a fact, it's fact.
    I'm sorry but no it isn't. They have lied on many occasions and fudged facts when it has fit their agenda. Let me know if you find a better source than something funded by rich conservatives to promote their agenda.
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