1. They are rich because their granddaddy made it rich they did not
Oh the asininity!
How else does a business maintain or grow its worth? Am I really to believe that the sole net worth of one man can fuel the machinations of one of the biggest store chains in the world? You really are a dumbass, you know that?
2. No they would not have to raise prices that's more of the right wing bullshit that's been debunked.
Raise the wages of your workers, raise the price of your goods. This is exactly why these restaurants are running for the hills!
What good is it to you sell cheap goods/services/food, but pay your workers what they
demand instead of what they
earn?
The workers keep it running Without the workers they treat so badly the place would collapse.
Minimum Wage Mythbusters - U.S. Department of Labor
If it's really true that raising minimum wage has no harmful side effects, why screw around with ten dollars an hour? Why not fifty or one hundred?
....crickets. ...
We aren't being greedy we just want enough to live off of and pay bills and buy food etc. Leave it to a republican to use an idiotic example.
How are you a small restaurant owner that has historically these fixed costs BEFORE the minimum wage increase make a profit on $500,000 gross sales?
A) 36% of $500,000 goes for labor or $180,000
B) 30% of $500,000 goes for food or $150,000
C) 30% of $500,000 goes for rent,utilities,taxes,licenses,permits,etc.. or $150,000
Those 3 add up to $480,000
Leaving the owner $ 20,000 profit.
Now assume the wages go to $15.00 an hour from the current $7.25 or double.
A) 36% at $7.25 now goes to say 50% or now $250,000 for labor costs
B) 30% for food, 30% for rent,etc. a total of $300,000
C) Total costs of labor,food,other $550,000
D) Gross revenue $500,000...
WHAT no profit... rather a loss the owner has to make up or hmmmm... go out of business!
Source for above percentages..
More Seattle restaurants close doors as 15 minimum wage approaches AgainstCronyCapitalism.org
That is the simple financial reason 400 restaurants are quitting in Seattle.
They will LOSE money!
Simple arithmetic which obvious most LIPs fail at comprehending!