Should McDonald’s raise prices so it can pay higher wages?
It is fashionable today for people to shame fast food chains for not paying their employees more. One way I hear this argument put amounts to the following: Why can’t these restaurants raise wages and then pay for them by raising prices?
That is a question that emerges from a recent Atlantic piece by Jordan Weissmann as well as periodically in articles in the Huffington Post.
My response:
Fast food restaurants are businesses, not welfare offices. They exist to make money by providing convenient meals at affordable prices. Every job they create is designed to make money: their continued success depends on offering pay that keeps costs low while still attracting employees who are willing and able to do the work needed.
Some of those who want to see McDonald’s et al. simultaneously raise wages and prices insinuate that this would not have any noticeable impact on profits, but there is no way that this is true. If the company could raise prices and wages without losing profits, then why doesn’t the company just hike its prices without raising wages to boost profits?
To maintain and grow a popular fast food chain like McDonald’s requires relentlessly striving to offer better deals, introducing new items to keep the menu interesting, keeping customers well informed of your items through catchy marketing campaigns, amongst many other things. Those who want McDonald’s to turn inside out to find ways to pay employees more money, not because it makes business sense, but because the employees “need” the money, want the company to focus less on prospering and more on carrying burdens.
Photo Credit: dave_mcmt via Compfight cc
The post Should McDonald’s raise prices so it can pay higher wages? appeared first on VOICES for REASON.
Source: http://blog.aynrandcenter.org/mcdonalds-raise-prices-can-pay-higher-wages/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).