If the federal minimum wage were raised to $15/hr Wal-Mart wages would go up 50%; Wal-Mart prices would go up only 5% (retail wages 10% of costs) — fast food wages would go up 107%; fast food prices would go up 35% (fast food 33%). 10-33% is pretty much the range of labor costs — clustering close to 10% I believe.
With half the labor force getting percentage wage increases that are multiples of their employers’ price increases their employers should do better than ever.
Unrealistic? Wal-Mart supported the 2007 minimum wage increase from $5.15/hr to $7.25/hr so its customers would have more to spend.
Wal-Mart would not like a minimum wage of $15/hr. Wal-Mart had to close 88 big boxes in Germany because it could not compete paying the same as everyone else. On the continent (since the late 1940s they have instituted sector-wide collective bargaining: all employees doing the same work (e.g., retail clerk) in the same locale work under one commonly negotiated contract. Only way to reset middle class mojo here.
I have written an ebook and a large print book entitled “Protecting Seniors from Financial Abuse.”
My main objective was to learn how to create an ebook, and also to use some research materials I had compiled over a long period of time.
Angry Bear friends can get a free e-copy (in Word) by emailing me at
rustyrustbelt@gmail.com.
Specify regular or large print edition.
If the federal minimum wage were raised to $15/hr Wal-Mart wages would go up 50%; Wal-Mart prices would go up only 5% (retail wages 10% of costs) — fast food wages would go up 107%; fast food prices would go up 35% (fast food 33%). 10-33% is pretty much the range of labor costs — clustering close to 10% I believe.
With half the labor force getting percentage wage increases that are multiples of their employers’ price increases their employers should do better than ever.
Unrealistic? Wal-Mart supported the 2007 minimum wage increase from $5.15/hr to $7.25/hr so its customers would have more to spend.
Wal-Mart would not like a minimum wage of $15/hr. Wal-Mart had to close 88 big boxes in Germany because it could not compete paying the same as everyone else. On the continent (since the late 1940s they have instituted sector-wide collective bargaining: all employees doing the same work (e.g., retail clerk) in the same locale work under one commonly negotiated contract. Only way to reset middle class mojo here.
Hale Stewart debunks more inflation hyperbole.
http://bonddad.blogspot.com/2013/03/john-hinderaker-economic-stupid-is.html