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The Effects Of The Minimum Wage Rise

The Effects Of The Minimum Wage Rise

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by: FoFa Active Indicator LED Icon 17 OP 
~ 8 years ago   Jul 7, '15 9:53am  
• In our weekly survey of ten of Chipotle’s markets, we found the company implemented price increases in half of the surveyed markets this week—San Francisco, Denver, Minneapolis, Chicago, and Orlando. In most markets, the price increases have been limited to beef and average about 4% on barbacoa and steak, toward the lower end of management’s expectation for a 4% to 6% price increase on beef.• San Francisco, however, saw across-the-board price increases averaging over 10%, including 10% increases on chicken, carnitas (pork), sofritas (tofu), and vegetarian entrees along with a 14% increase on steak and barbacoa. We believe the outsized San Francisco price hike was likely because of increased minimum wages (which rose by 14% from $10.74 per hour to $12.25 on May 1) as well as scheduled minimum wage increases in future years (to $13 next year, $14 in 2017, and $15 in 2018).artner=yahootix" target=_blank rel="nofollow">LINK 4951
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greensnob516 Active Indicator LED Icon  New Member
~ 8 years ago   Jul 7, '15 12:56pm  
I wish our minimum wage would go up  4951
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Stealth83 Active Indicator LED Icon 16
~ 8 years ago   Jul 7, '15 1:01pm  
Removed By Request 4951
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greensnob516 Active Indicator LED Icon  New Member
~ 8 years ago   Jul 7, '15 1:03pm  
@stealth83 I'm sure they will slowly go up, not instantly. Having a little bit of extra cash is always great. Emoticon 4951
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ET Active Indicator LED Icon 17
~ 8 years ago   Jul 7, '15 1:04pm  
You can force the wage all you want, just means all prices go up and you end up where you were in pretty short order.
 
Best bet is to get people out of minimum wage jobs as quickly as you can - education and ambition is needed. 4951
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greensnob516 Active Indicator LED Icon  New Member
~ 8 years ago   Jul 7, '15 1:05pm  
I agree @et 4951
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HollyHobby Active Indicator LED Icon 9
~ 8 years ago   Jul 7, '15 1:05pm  
If there is one subject that should be required of every single public schooled kid, it's economics. The concept of even basic supply-and-demand is beyond the grasp of most people anymore. 4951
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donnatella Active Indicator LED Icon 13 Forum Moderator
~ 8 years ago   Jul 7, '15 1:12pm  
The benefit to such an increase is ONLY to this making minimum wage. For the rest of us, it's nothing but negative. 4951
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CBP210 Active Indicator LED Icon 10
~ 8 years ago   Jul 7, '15 1:40pm  
The benefit to such an increase is ONLY to this making minimum wage. For the rest of us, it's nothing but negative.
 
@donnatella: There are people in adc who would disagree with you and think this is a good idea and benefit everyone
4951
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lilmama09 Active Indicator LED Icon 2
~ 8 years ago   Jul 7, '15 1:41pm  
When I was a kid, the increase in minimum wage was great and was the only time I, grudgingly, got a raise from my first employer. But that was back when I was in high school, lived with my parents, and didn't have all the bills and responsibly I have now.  4951
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ET Active Indicator LED Icon 17
~ 8 years ago   Jul 7, '15 1:44pm  
My first job was minimum wage, I lasted about three months and figured out it was time to move on.  Had to work harder and smarter at the next one, but it paid better....there are no secrets to improving yourself. 4951
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HollyHobby Active Indicator LED Icon 9
~ 8 years ago   Jul 7, '15 1:45pm  

- - - - - - - -
>> The benefit to such an increase is ONLY to this making minimum wage. For the rest of us, it's nothing but negative.
 
@donnatella: There are people in adc who would disagree with you and think this is a good idea and benefit everyone
 
@CBP210: Would you explain how it will, "help everyone"?
 
4951
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Stealth83 Active Indicator LED Icon 16
~ 8 years ago   Jul 7, '15 1:55pm  
Removed By Request 4951
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greensnob516 Active Indicator LED Icon  New Member
~ 8 years ago   Jul 7, '15 1:57pm  
@hollyhobbyThe minimum wage, $7.25 an hour, hasn’t been adjusted in five years for inflation or rising costs for basic necessities such as housing, food, utilities, transportation and child care. Because of inflation, the current minimum wage forces more people into poverty. A single parent who works full-time at minimum wage earns just $14,500. If she has two children, this income is more than $4,000 below the poverty line.Despite this appalling fact — indeed, despite the rising numbers of Americans, including business owners, who are for raising the minimum wage, and despite the benefits to not just those in poverty, but to businesses and the overall economy — Congress resists raising the minimum wage to a living wage.Increasing the minimum wage to $10.10 an hour would raise almost a million people above the poverty line. With that said, it should be noted that the poverty threshold is considered to be inadequate. Nevertheless, that raise from $7.25 to $10.10 an hour would increase a household’s before-tax income by $5,928 annually.In addition, families earning more than $7.25 but below $10.10 who are barely above the poverty threshold would be lifted up as well. There are 17 million workers who earn less than $10.10 an hour who would directly benefit from the increase to $10.10. Another 11 million workers would indirectly benefit from raising the current minimum wage as their wages would increase relative to the difference that their wages were from the old minimum wage. In other words, wages would increase up the ladder.Those opposed to raising the minimum wage say that it would result in the loss of jobs because employers would lay off workers to offset the additional labor cost. While this is true, it’s not as dire as it sounds. The Congressional Budget Office indicates that, for every job lost, 49 workers benefit from the wage increase. According to consumer advocate Ralph Nader, a moderate raise in the minimum wage can be offset by slight price increases and lower employee turnover costs.Raising the minimum wage has multiple benefits. As an increase to minimum wage moves families above the poverty threshold, their need for public assistance decreases. As wages increase, a family’s purchasing power increases for both lower- and middle-income families. As they’re able to spend more, businesses benefit, as demand for goods increases. As demand for goods increases, additional employees will be hired.Businesses benefit in other ways, as well. An increase in wage will boost worker productivity, increase employee retention and increase employee morale and loyalty, reducing new-employee training costs and improving business efficiency.Raising the minimum wage to $10.10 would reduce poverty and increase the quality of life of 30 million Americans. The resulting job loss will not be as great as some predict because not all companies will lay off workers to offset the increased wage. Some companies will institute small price increases to absorb the wage increase.Employees benefit, businesses benefit and the country benefits from the positive effect of increased purchasing power on the economy.Eighty percent of Americans and a growing number of economists support raising the minimum wage. Contact your representatives and let them know that increasing the minimum wage to $10.10 is not only good for our country but that making sure everyone is paid a living wage is the right thing to do. 4951
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greensnob516 Active Indicator LED Icon  New Member
~ 8 years ago   Jul 7, '15 1:58pm  
Who are you talking about @stealth83 4951
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WskyTngoFxtrt Active Indicator LED Icon 10
~ 8 years ago   Jul 7, '15 2:01pm  
The benefit to such an increase is ONLY to this making minimum wage. For the rest of us, it's nothing but negative.
@donnatella: It wouldn't even help the minimum wage earner because they would be paying more for everything else as well. Wages but also prices would move upward a notch and you'd be back to square one again. 4951
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