[NYGUY]

I will keep my 2 cents regarding the minimum wage but I do like the robot idea....a consistently made product would be great!!

[Rags123]

Another stat and number we might want to work on....

" A record 92,269,000 Americans 16 and older did not participate in the labor force in August, as the labor force participation rate matched a 36-year low of 62.8 percent, according to the Bureau of Labor Statistics.

The labor force participation rate has been as low as 62.8 percent in six of the last twelve months, but prior to last October had not fallen that low since 1978.

BLS employment statistics are based on the civilian noninstitutional population, which consists of all people 16 or older who were not in the military or an institution such as a prison, mental hospital or nursing home."

Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low | CNS News

[TexaninVA]

Originally Posted by B767drvr

Those fast-food workers striking for a $15 minimum wage might soon find themselves REPLACED altogether!

What's the nation going to do with all the unskilled labor out there? Is this society's problem, or an individual's problem?


>>
A company called Momentum Machines has built a robot that could radically change the fast-food industry and have some line cooks looking for new jobs.

The company's robot can "slice toppings like tomatoes and pickles immediately before it places the slice onto your burger, giving you the freshest burger possible." The robot is "more consistent, more sanitary, and can produce ~360 hamburgers per hour." That's one burger every 10 seconds.

The next generation of the device will offer "custom meat grinds for every single customer. Want a patty with 1/3 pork and 2/3 bison ground to order? No problem."

Momentum Machines cofounder Alexandros Vardakostas told Xconomy his "device isn’t meant to make employees more efficient. It’s meant to completely obviate them." Indeed, marketing copy on the company's site reads that their automaton "does everything employees can do, except better."



Read more: Momentum Machines Burger Robot - Business Insider

<<

The saddest part to me is the uneducated workers don't have a clue
about economics nor the market reaction to a "demand" to double
their wages. This also gives unscrupulous union leaders and politicians
a perfect opportunity to demagogue

[B767drvr]

Originally Posted by TexaninVA

The saddest part to me is the uneducated workers don't have a clue
about economics nor the market reaction to a "demand" to double
their wages.

Both of your points are excellent.

Speaking to this one… the "price inelasticity of demand"… is going to be an eye opener for some. Fast-food restaurants typically run on tight margins and high labor costs. Doubling your labor costs (even if phased in) will result in sharply higher food prices. At $12-15 for a "Happy Meal", you can bet demand will fall. This is Econ 101 stuff. Artificially higher wages without a commensurate productivity increase will result in higher costs and higher prices (suppressing demand).

Finally… higher costs and reduced demand (sales) will ultimately lead to reduced demand for labor (job cuts/reduced hours). If that mechanism is insufficient, then the business fails.

[eweissenbach]

Seattle Times article about effects of minimum wage raise.
Studies look at what happened when cities raised minimum wage | Local News | The Seattle Times

[eweissenbach]

Originally Posted by B767drvr

Both of your points are excellent.

Speaking to this one… the "price inelasticity of demand"… is going to be an eye opener for some. Fast-food restaurants typically run on tight margins and high labor costs. Doubling your labor costs (even if phased in) will result in sharply higher food prices. At $12-15 for a "Happy Meal", you can bet demand will fall. This is Econ 101 stuff. Artificially higher wages without a commensurate productivity increase will result in higher costs and higher prices (suppressing demand).

Finally… higher costs and reduced demand (sales) will ultimately lead to reduced demand for labor (job cuts/reduced hours). If that mechanism is insufficient, then the business fails.

According to the article I linked from the Seattle Times, the cost of restaurant food rose 2-3% in cities where the minimum wage was raised. Even at 5% the cost of a Happy Meal may go from $4.00 to $4.20. This is Econ 101 stuff.

[graciegirl]

Originally Posted by eweissenbach

According to the article I linked from the Seattle Times, the cost of restaurant food rose 2-3% in cities where the minimum wage was raised. Even at 5% the cost of a Happy Meal may go from $4.00 to $4.20. This is Econ 101 stuff.

In Cincinnati, Ohio, a quarter pounder with cheese sells for two-something and in San Francisco it sells for four something.

http://www.nerdwallet.com/blog/citie...ensive-cities/

[SheilaO]

Originally Posted by graciegirl

The sad truth is, that people are not born equal. Not everyone has the same IQ and emotional control and personality characteristics and physical abilities needed to be a surgeon or an engineer or a high school coach NO MATTER HOW THEY TRY.

Lazy, unmotivated people in well paid jobs do not keep their jobs for long unless they work for the government or are in a tenured position that sadly doesn't weed all of them out quickly. There is more cause and effect, faster in free enterprise.

( EDITED) I just got a PM from a friend who worked in a government job who took umbrage. Naturally I don't mean ALL, but I mean TOO MANY)

And economics is not based on compassion, it is based on hard facts.

And there are many reading this that worked two jobs to get started way back when, because they didn't for many GOOD reasons (post depression era/ lack of money) go to college. There are many who are reading this who had salaried jobs that worked 12 hours a day or more...just because that job didn't require it, but the task did.

The response..."I've got mine-up yours" to me means misunderstanding the situation and dismissing the issue angrily. I don't expect anything from others that I would not expect from myself or from my children.

The economy is not based on empathy and kindness. Most of us have taught our children to work hard, save your money, do without, do it yourself, if you can't afford it today you can't pay for it next month, don't smoke, you can't afford it, stay off drugs etc. etc. etc. We are not entitled to anything that we cannot provide for ourselves unless we are sick or REALLY physically or mentally disabled.

Passing minimum wage job laws is not the answer. The people who choose not to work for eight bucks an hour are not going to work for sixteen either.

AMEN! There are 'cons' on both sides, so what is our priority? Mine, is that individuals have responsibility, accountability and hard work to make the most of who they are….I don't believe anyone does well when everything is handed to them.

[eweissenbach]

Originally Posted by SheilaO

AMEN! There are 'cons' on both sides, so what is our priority? Mine, is that individuals have responsibility, accountability and hard work to make the most of who they are….I don't believe anyone does well when everything is handed to them.

This isn't about everything being handed to them. These are people who are working, trying to make their way, this is not about "welfare queens", or freeloaders. Granted, some are not worth the $7.25 or so they're getting, and they would likely be casualties of a higher minimum wage that would attract more motivated workers. Most people, me included, are not advocating an immediate raising of the minimum wage to $15, but rather a phased in increase over 5 years or so. Responsibly, accountability, and hard work are admirable goals, but opportunity is the missing issue for many people. Most of the people who post on this website never lacked for opportunity.

[Indydealmaker]

Originally Posted by eweissenbach

This isn't about everything being handed to them. These are people who are working, trying to make their way, this is not about "welfare queens", or freeloaders. Granted, some are not worth the $7.25 or so they're getting, and they would likely be casualties of a higher minimum wage that would attract more motivated workers. Most people, me included, are not advocating an immediate raising of the minimum wage to $15, but rather a phased in increase over 5 years or so. Responsibly, accountability, and hard work are admirable goals, but opportunity is the missing issue for many people. Most of the people who post on this website never lacked for opportunity.

Most of the posters herein created their own opportunities. Most of all of us have had minimum wage jobs at one time. It is EASY today to stand out to your employer! Easy to get the better job because so many people are total slackers. The least little bit of extra effort will catch the boss' attention like a scream in library.

[B767drvr]

Originally Posted by eweissenbach

According to the article I linked from the Seattle Times, the cost of restaurant food rose 2-3% in cities where the minimum wage was raised. Even at 5% the cost of a Happy Meal may go from $4.00 to $4.20. This is Econ 101 stuff.

Also according to that article…

>>
“When talking about a $15 minimum wage, you’re going to a level that’s somewhat unprecedented,” said Michael Saltsman, research director for the Employment Policies Institute, which is partially funded by the restaurant industry.

“A 60 percent increase in labor costs doesn’t just wipe out profits at a typical restaurant, it wipes them out four times over,” he said.

<<

Again I ask you… if $15 per hour minimum wage will have no impact, why not raise it to $50 or even $100 per hour? Why keep these hard-working people oppressed? Why not just legislate them solidly into the middle class?

Can't wait to hear your Econ 101 reasoning…

[BarryRX]

I have a personal story to share that is relevant because it involves a fast food franchise, namely Burger King. My brother in law just turned 56 years old a few months ago and he has already been retired for 10 years. He graduated SUNY at Stonybrook in the 1970's with a BS degree in Pyschology. Now, about the only job he could get with a BS in Pyschology was flipping burgers for Burger King. He moved up over the course of the years from worker, to night manager, to day manager, to store manager. From there he became an Area Manager and then a District Manager. Burger King sent him to an abbreviated MBA course at Univ. of Pennsylvania. When Burger King decided to open up Europe, they picked him to do it. He moved his pregnant wife and infant daughter to England. My nephew was born over there. He spent two years traveling all over Europe. If you ever go to a BK in Europe, he was probably responsible for opening it. Because of Burger kings ex-pat package, he was also able to bank a good deal of his salary in those 2 years. He came back to the States and was made a Vice President. After 2 years, Burger King decided to open up business in Asia, and because of his previous international experience they picked him to do it. He and his wife and 3 children moved to Tokyo for the next 3 years. While there he traveled the entire Pacific Rim opening up Burger Kings. His youngest child often answered the phone "Moshe Moshe". When he returned he became a senior Vice President and a few years after that took his golden parachute and retired at age 46 and is probably worth a lot more than I am. So, it doesn't matter what his starting pay was as a beginner burger flipper. His drive and hard work (and probably a little bit of luck along the way) made him a wealthy man. Perhaps if robots were flipping burgers back then he may have never been hired by Burger King. But I am absolutely positive that he would have had the same success at anything he did. I've always had a bit of wanderlust, and because of that I've done a bunch of things in my life. I've been successful as a retail pharmacist as well as being quite successful in pharmaceutical manufacturing, quality assurance, and orthopedic sales. I was also a bit lucky along the way. We've all seen great workers laid off as the result of a merger while some so so workers kept their jobs. That's all part of the lottery of life. The minimum wage in 1963 was $1.25/hour, which is equivalent to $9.73/hour now, not the $7.25 that we pay. We should at least raise it to $9.73 to keep pace with inflation, since inflation hurts poor people the most.
Edit: I just wanted to add that he is one of the nicest people I have ever had the pleasure to know. While not a prerequisite for success, I find that it often goes hand in hand with it.

[tomwed]

This was copied from the McDonalds site.
“Since the total cost varies from restaurant to restaurant, the minimum amount for a down payment will vary. Generally, we require a minimum of $750,000 of non-borrowed personal resources to consider you for a franchise. Individuals with additional funds may be better prepared for additional or multi-restaurant opportunities.”

OK== let’s do the math.

If you make $7.50 an hour and started saving your money, you would need to work $750,000/$7.5= 100,000 hours to buy your own McDonalds.
When I was a junior in HS [1968] the minimum wage was $1.60 an hour. Do you think a McDonalds franchise in 1968 cost anything close to $160,000 [$1.60 x 100,000 hours = $160,000] My hunch is that a franchise cost closer to $40,000. I could not find that number online.

Cost Of Living 1968 How Much things cost in 1968
Yearly Inflation Rate USA 4.27%
Average Cost of new house $14,950.00
Average Income per year $7,850.00
Average Monthly Rent $130.00
Gas per Gallon 34 cents
Average Cost of a new car $2,822.00
Movie Ticket$1.50
NJ College $175/semester state college $250/semester Rutgers University
The Federal Hourly Minimum Wage is $1.60 an hour

I got mine now you get yours holds true when the cost of living is proportionate.

And don’t get me wrong. I don’t begrudge the guy that owns the McDonalds a single dime. My aunt and uncle owned 2 Dairy Queens. They worked 12 hour days, 7 days a week with all my cousins helping when they were not in school. I’d be quite surprised if that family didn’t work just as hard and take just as many risks.

I don’t know what the solution is but people my age [boomers] were privileged because of the sacrifices of our parent’s generation in addtion to the political and economic decisions made by our elders. I will always be in their debt.

[sunnyatlast]

Originally Posted by BarryRX

I have a personal story to share that is relevant because it involves a fast food franchise, namely Burger King. My brother in law just turned 56 years old a few months ago and he has already been retired for 10 years. He graduated SUNY at Stonybrook in the 1970's with a BS degree in Pyschology. Now, about the only job he could get with a BS in Pyschology was flipping burgers for Burger King. He moved up over the course of the years from worker, to night manager, to day manager, to store manager. From there he became an Area Manager and then a District Manager. Burger King sent him to an abbreviated MBA course at Univ. of Pennsylvania. When Burger King decided to open up Europe, they picked him to do it. He moved his pregnant wife and infant daughter to England. My nephew was born over there. He spent two years traveling all over Europe. If you ever go to a BK in Europe, he was probably responsible for opening it. Because of Burger kings ex-pat package, he was also able to bank a good deal of his salary in those 2 years. He came back to the States and was made a Vice President. After 2 years, Burger King decided to open up business in Asia, and because of his previous international experience they picked him to do it. He and his wife and 3 children moved to Tokyo for the next 3 years. While there he traveled the entire Pacific Rim opening up Burger Kings. His youngest child often answered the phone "Moshe Moshe". When he returned he became a senior Vice President and a few years after that took his golden parachute and retired at age 46 and is probably worth a lot more than I am. So, it doesn't matter what his starting pay was as a beginner burger flipper. His drive and hard work (and probably a little bit of luck along the way) made him a wealthy man. Perhaps if robots were flipping burgers back then he may have never been hired by Burger King. But I am absolutely positive that he would have had the same success at anything he did. I've always had a bit of wanderlust, and because of that I've done a bunch of things in my life. I've been successful as a retail pharmacist as well as being quite successful in pharmaceutical manufacturing, quality assurance, and orthopedic sales. I was also a bit lucky along the way. We've all seen great workers laid off as the result of a merger while some so so workers kept their jobs. That's all part of the lottery of life. The minimum wage in 1963 was $1.25/hour, which is equivalent to $9.73/hour now, not the $7.25 that we pay. We should at least raise it to $9.73 to keep pace with inflation, since inflation hurts poor people the most.
Edit: I just wanted to add that he is one of the nicest people I have ever had the pleasure to know. While not a prerequisite for success, I find that it often goes hand in hand with it.

Thank you for so aptly describing how The American Dream works. He did what was ASKED of him, and much more.

I'm constantly amazed at how people complain about "no jobs available" or the jobs "pay too little", but they will NOT move! Others will not accept a job that is "beneath their level" as they have a degree and are not going to lower themselves to flipping burgers or scrubbing floors. They expect employers to come to them and their town/city and GIVE them a job, instead of going out and looking for one elsewhere.

Very few of the complainers would move and sacrifice all that's familiar in their comfort zone, as your brother did. And if he has a nice Mercedes or BMW, more power to him. Everybody deserves some enjoyment after working/traveling that much, for so long. I know that the family sacrifices in that situation can be huge.

[BarryRX]

Originally Posted by tomwed

This was copied from the McDonalds site.
“Since the total cost varies from restaurant to restaurant, the minimum amount for a down payment will vary. Generally, we require a minimum of $750,000 of non-borrowed personal resources to consider you for a franchise. Individuals with additional funds may be better prepared for additional or multi-restaurant opportunities.”

OK== let’s do the math.

If you make $7.50 an hour and started saving your money, you would need to work $750,000/$7.5= 100,000 hours to buy your own McDonalds.
When I was a junior in HS [1968] the minimum wage was $1.60 an hour. Do you think a McDonalds franchise in 1968 cost anything close to $160,000 [$1.60 x 100,000 hours = $160,000] My hunch is that a franchise cost closer to $40,000. I could not find that number online.

Cost Of Living 1968 How Much things cost in 1968
Yearly Inflation Rate USA 4.27%
Average Cost of new house $14,950.00
Average Income per year $7,850.00
Average Monthly Rent $130.00
Gas per Gallon 34 cents
Average Cost of a new car $2,822.00
Movie Ticket$1.50
NJ College $175/semester state college $250/semester Rutgers University
The Federal Hourly Minimum Wage is $1.60 an hour

I got mine now you get yours holds true when the cost of living is proportionate.

And don’t get me wrong. I don’t begrudge the guy that owns the McDonalds a single dime. My aunt and uncle owned 2 Dairy Queens. They worked 12 hour days, 7 days a week with all my cousins helping when they were not in school. I’d be quite surprised if that family didn’t work just as hard and take just as many risks.

I don’t know what the solution is but people my age [boomers] were privileged because of the sacrifices of our parent’s generation in addtion to the political and economic decisions made by our elders. I will always be in their debt.

I see what you're saying, but some things are just not governed by inflation. The price of a McDonalds franchise is worth a lot more now than it was in 1964. The same is true of some of the other (but not all) of the items you mentioned. Supply and demand trumps inflation in many cases. In 1980 Apple stock was $22. Before the split a few months ago it was $600. It should be only $68 if accounting solely for inflation. But, one very important stat is true, and that is avg income. Income has been flat for the last decade which means that the working poor has lost about 35% of their spending power over that period. Actually, almost everyone has but it affects the poor the most.