“It may surprise some, but McDonald’s France—called MacDo by the locals—is the highest-grossing McDonald’s market outside of the United
States (despite the fact that worker pay, a recent source of controversy in the United States, starts around $12 an hour—France’s minimum wage).”
The bottom 50% of America’s workforce now takes 12% of overall income. If the federal minimum wage is raised to $15/hr that will add 3.6% direct inflation.
$15/hr being today’s median wage, half the workforce, 70 million employees receiving an average $8,000/yr raise would add $560 billion to the cost of $15.8 trillion dollar economic output = only 3.6%.
It is hard to believe that the products and services produced by half of the American workforce (70 million people!) would no longer be in demand over a 3.6% increase in overall prices.
FAST FOOD PLACE IN DETROIT PAYS $12/HR W/O A MINIMUM WAGE HIKE:
http://act.aflcio.org/salsa/track.jsp?v=2&c=WDgctpJriKV0nSpQeSAPUBXvicibqFwu
“It may surprise some, but McDonald’s France—called MacDo by the locals—is the highest-grossing McDonald’s market outside of the United
States (despite the fact that worker pay, a recent source of controversy in the United States, starts around $12 an hour—France’s minimum wage).”
http://www.slate.com/articles/news_and_politics/roads/2013/08/mcdonald_s_global_expansion_the_american_fast_food_chain_has_become_an_unexpected.html
The bottom 50% of America’s workforce now takes 12% of overall income. If the federal minimum wage is raised to $15/hr that will add 3.6% direct inflation.
$15/hr being today’s median wage, half the workforce, 70 million employees receiving an average $8,000/yr raise would add $560 billion to the cost of $15.8 trillion dollar economic output = only 3.6%.
It is hard to believe that the products and services produced by half of the American workforce (70 million people!) would no longer be in demand over a 3.6% increase in overall prices.