How raising by 24% minimum wage will increase unemployment and INFLATION!

[healthmyths]

I wrote the "journalist" who wrote this article..Minimum wage hike debated among economists, businesses | Dallasnews.com - News for Dallas, Texas - The Dallas Morning News


Ms. Jean...

You and other champions including Obama in his State of the Union of raising the minimum wage NEVER explain that EMPLOYERS' don't pay currently $7.25 per hour.
The FACT is it is at $7.25 wage per hour the employer ACTUALLY PAY $8.09 per hour.
And if the minimum goes to $9.00 EMPLOYERS will pay almost $10.05/hour!

You and other non-business experienced advocates(including Obama!!) NEVER wrote payroll much less signed the payroll taxes forms!
If you did you'd know the EMPLOYER ALSO pays: 6.2% for Social Security- 1.45% Medicare,- 2.79% for Federal Unemployment taxes,- 1.25% workman's compensation.

So you should be honest and share WITH everyone the misconception that the media has done i.e. the current minimum is NOT $7.25 per hour
but is after employer paid payroll taxes $8.09!

That would be honest as the employee get's the benefits of the EMPLOYER's additional costs above and beyond the $7.25/hour!

Remember the employer pays OUT $8.09/hour not $7.25, because of EMPLOYEE's Social security/Medicare/unemployment benefits, workman's compensation!

Now for Reality!

Let's assume the local Jack-in-the-Box illustration you provided at their AVERAGE rate of $7.39 per hour which is after adding the employer's contributions
is really $8.24. Not the $7.39 you reported!

If the minimum goes to $9.00 thus making the Jack-in-the-Box real wages plus SS/Medicare/FUTA/Workmans' comp $10.24 per hour.

That means the local Jack-in-the-Box with 1,275 employees at 48 locations, additional $4,141 per employee at the $9/hour PLUS 13.8% additional FICA/FUTA/etc. with each location averaging 26 hourly employees, each location will HAVE to pay an additional $4,141 per employee.
An additional costs per location of $110,018!

Those are the facts!

So if forced to figure out where each location will come up with additional $110,000 a year.. what do you think they'll do?
Each location has a NET income after of ~$60,000 per location...

WHERE WILL THEY COME up with an additional $110,000 per location if their NET is ~$60,000???
YOU quoted Brian Luscomb, spokesman for Jack In the Box:
1) they will have to reduce the hours of current employees..
2) or raise the prices.. which very reluctant to do...

Stock:Jack In The Box (JACK))

Do you know understand WHAT the impact of YOUR not telling the whole story will have?
Because of you and other reporters NOT fairly telling readers that:

A) $7.25 really means $8.09 in costs to the employer and
B) $9.00 minimum wage means $10.05 a nearly 24% increase when you consider the EMPLOYER PAYS on top of the $9.00 another 12%!
C) That 24% increase will either because of you and fellow reporters NOT explaining the TRUE costs of raising minimum wage
1) CUT current minimum wage employees' hours or
2) raise prices for the rest of us to pay.. i.e. INFLATION!

One other glaring piece of information you left out...
TIPS for many of those earning $7.25 average per the below quote average an additional $16,153 a year in addition to the hourly minimum wage!
This works out instead of a poor measly $7.25 (USING YOUR figures..) per hour to a $15/hour !

Each year, according to the economist Ofer Azar, diners hand over some $42 billion in tips at the nation’s full-service restaurants,
which employ 2.6 million waiters, most of whom rely on tips for the bulk of their incomes.
http://www.nytimes.com/2008/10/12/magazine/12tipping-t.html?pagewanted=all&_r=0

 

[rightwinger]

When Jack in the Box raises the salary of their CEO

Why don't they tell customers that they will have to raise prices to pay for it?

 

[healthmyths]

I know for some of you who CAN'T read more then 3 lines at one sitting.. here is the 30 second sound bite!

Employers pay in addition to wage near 14% in matching and additional payroll taxes .. above the $7.25 minimum bleating media reports.. i.e about $8.00 an hour.
Raising to $9.00 means in reality almost $10.05 per hour or a 24% increase!
The reality is either employers faced with 24% increase in labor costs will either:
A) reduce hours or B) raise prices!
That's the cold hard facts!

 

[Dugdale_Jukes]

If there has ever been more lies and halftruths published in less space it'd be cool to know where - just to find it and look at it.

Every one of the last five increases in minimum wage came after similarly disgusting blowharding by morons and none of them caused anything of the kind represented in the nonsense published above.

The damage has come from corporate cocksuckers plundering stockholders for monies that belong to stockholders. It kind of tickles me that a majority of the morons bleating idiot shit like above have had their 401ks plundered by CEOs since ReagaNUTism made naked, unabated greed a good thing in America - and they are more clueless about how that works that than a newborn is about the dark side of the moon.

 

[Mr Natural]

The minimum wage has been raised several times over the years.

And yet somehow we've managed to survive and even prosper in the face of such adversity.

 

[healthmyths]

When Jack in the Box raises the salary of their CEO

Why don't they tell customers that they will have to raise prices to pay for it?

AH good point!!!
Jack in the Box. CEO Linda Lang gets $66,500 a year;
other execs, at least $45,000.
The fast-food chain says allowances replace other perks and cover costs such as business use of personal cars and cellphones.
Lang's 2011 compensation: $4.5 million, plus option gains worth more than $750,000.

Annual Compensation Salary $962,192

as percent of gross revenue her salary represents: 0.038%

Now the below compensation MEANS when she pays for the stock SHE PAYS out of her pocket! It's not given to her!
So She spent out of her pocket $894,000 to buy $4.4 million in stock...
NOT SALARY just the right to a company DISCOUNT!!!
Linda Lang: Executive Profile & Biography - Businessweek

BUT ONCE again idiots like you Fail to comprehend that the figure the anti-business MSM biasedly present as "Salary.. $4.5 million in this case"
IS again BIASED as her salary was less the 3/10ths of 1% of revenues..

SO let's raise every Jack-in-the-Box customers that spent $2.4 billion another 3/10th of one percent to cover her $900,000 salary.. that means
if her salary increases 20% that means REVENUE increases ..to.. $2.4 billion... wait that's impossible!!!! Isn't it???

 

[bripat9643]

When Jack in the Box raises the salary of their CEO

Why don't they tell customers that they will have to raise prices to pay for it?

Because whe you spread the cost of that raise over its customers, it comes to about $0.0000000001 per customer.

 

[Wiseacre]

The minimum wage has been raised several times over the years.

And yet somehow we've managed to survive and even prosper in the face of such adversity.

Checked the UE rate among teenagers lately?

 

[healthmyths]

If there has ever been more lies and halftruths published in less space it'd be cool to know where - just to find it and look at it.

Every one of the last five increases in minimum wage came after similarly disgusting blowharding by morons and none of them caused anything of the kind represented in the nonsense published above.

The damage has come from corporate cocksuckers plundering stockholders for monies that belong to stockholders. It kind of tickles me that a majority of the morons bleating idiot shit like above have had their 401ks plundered by CEOs since ReagaNUTism made naked, unabated greed a good thing in America - and they are more clueless about how that works that than a newborn is about the dark side of the moon.

YOU KNOW YOU ARE Correct!

NOW think what the current employment rate would be (not the 7.9% - and 18% among those minimum wage earners) if the dampers on expansion i.e.
minimum wages did NOT occur?

See part of you asswipes is your total LACK of understanding how capitalism WORKS!
It is a greedy self serving exercise that DEPENDS ON GROWTH of the economic PIE!
And this is where you dimwits don't have a clue!
YOU are like greedy packs of dogs, chasing after a little BIGGER bite of a fixed amount... NOT thinking as intelligent beings..hmm why not get more flesh to eat
rather then the small piece at hand?
Why are you guys so stupid is beyond comprehension!

When you consider right now what you are able to do.. even the poor smuck like you!
A) You probably get FREE CELL PHONE
B) YOU probably live in a rent supported apartment with your parents!
C) YOU don't pay for internet' it's free
D) You get some type of earned income tax payment back to you cause you don't make anything!
YET in 1892 the average millionaire never knew how to use a computer..didn't exist! Internet..zero.. Cell phones ...he'd be scared!
YOU on the other the poorest of the poor scumbuckets have MORE resources at your command then the millionaire in 1892!
And so you have opportunities THEY never had and as a result 3 million people in 2010 evidently more intelligent then you are millionaires!
So again... tell me what part of this growth that GIVES YOU MONEY right now was so bad that you want to go back to IT???

And so you tear after those people like the following:
In 2010 the U.S. had 3,100,000 millionaires
In 1892 total millionaires - 4,047
Growth of 3,098,108 millionaires or an increase over the 118 years from 1892 of 648%.

 

[healthmyths]

The absolute stupidity of almost all that favor raising minimum wage is obvious from the FACT no one seems to refute the illustration regarding Jack-in-the-Box having to determine:
A) in order to cover the additional $4,000 a year in employee costs ..do we cut hours?
B) Or do we raise our prices?

It is an economic impossibility to sustain the additional $100,000 cost to each location due to the raising to $10.25 minimum wage(includes employer payroll taxes.)

So either hours are lost which means less spending with fewer dollars and the cost is going directly to payroll taxes, Unemployment and workman's comp..
OR the prices will have to be raised.

A location gross $1 million with operating costs of $950,000 will have to raise their prices by 10% to cover the MINIMUM WAGE of $10.25 /hour again for you folks with short attention span that is $9.00 PLUS $1.25 in SS/Medicare/FUTA/workman's comp payments by the employer!!

 

[Dugdale_Jukes]

If there has ever been more lies and halftruths published in less space it'd be cool to know where - just to find it and look at it.

Every one of the last five increases in minimum wage came after similarly disgusting blowharding by morons and none of them caused anything of the kind represented in the nonsense published above.

The damage has come from corporate cocksuckers plundering stockholders for monies that belong to stockholders. It kind of tickles me that a majority of the morons bleating idiot shit like above have had their 401ks plundered by CEOs since ReagaNUTism made naked, unabated greed a good thing in America - and they are more clueless about how that works that than a newborn is about the dark side of the moon.

YOU KNOW YOU ARE Correct!

NOW think what the current employment rate would be (not the 7.9% - and 18% among those minimum wage earners) if the dampers on expansion i.e.
minimum wages did NOT occur?

See part of you asswipes is your total LACK of understanding how capitalism WORKS!
It is a greedy self serving exercise that DEPENDS ON GROWTH of the economic PIE!
And this is where you dimwits don't have a clue!
YOU are like greedy packs of dogs, chasing after a little BIGGER bite of a fixed amount... NOT thinking as intelligent beings..hmm why not get more flesh to eat
rather then the small piece at hand?
Why are you guys so stupid is beyond comprehension!

When you consider right now what you are able to do.. even the poor smuck like you!
A) You probably get FREE CELL PHONE
B) YOU probably live in a rent supported apartment with your parents!
C) YOU don't pay for internet' it's free
D) You get some type of earned income tax payment back to you cause you don't make anything!
YET in 1892 the average millionaire never knew how to use a computer..didn't exist! Internet..zero.. Cell phones ...he'd be scared!
YOU on the other the poorest of the poor scumbuckets have MORE resources at your command then the millionaire in 1892!
And so you have opportunities THEY never had and as a result 3 million people in 2010 evidently more intelligent then you are millionaires!
So again... tell me what part of this growth that GIVES YOU MONEY right now was so bad that you want to go back to IT???

And so you tear after those people like the following:
In 2010 the U.S. had 3,100,000 millionaires
In 1892 total millionaires - 4,047
Growth of 3,098,108 millionaires or an increase over the 118 years from 1892 of 648%.

Here's th'thing, sport: there's a little bit more to it than arithmetic and regurgitating nutball talking points. You don't know me. Might be living under a bridge instead of with my parents. Or, my quarters could be worth more than you'll earn in your life and other people manage my cell phones.

Probably your most spectacular example of boilerplate nutball mumbo jumbo is your comparison in numbers of millionaires. We see the pct of growth but even if the pct was accurate (it isn't) it is meaningless.

Here is why: Its a naked direct comparison. Times change. Where is acknowledgement of that? (((Clue, you might want to print this out before making a fool of yourself again, son. )))

It turns out one 1890 dollar is worth about twenty-five 2010 dollars.

According to WSJ 3/12 there are 107,000 Americans worth $25kk today, which is the relevant comparison to your claim of 4047 1892 millionaires, a number nowhere near the 2010 "equivilant" of 3,100,000 you imply above. So, growth exists, but nowhere close to the numbers you claimed.

There is more. Your challenges are to discover that, then stop repeating nutball mumbo jumbo line and rote.
Basis for suggesting you wise up: posting bogus numbers makes you look like an idiot to aware folks and it doesn't help nutballs.

 

[PoliticalChic]

1. Strangely, during the times of gross racial discrimination, black unemployment was lower and blacks were more active in the labor market than they are today! In 1910, for example, 71% of blacks over 9 years of age were employed, compared to 51% of whites. Department of Commerce Bureau of the Census, “Negro Population, 1790-1950,” p. 166, 503-504.


2. The pattern persists until 1930. After 1930, the nonwhite employment-to-population ratio fell significantly, while the white ratio rose.
a. Also, during the earlier periods, the duration of unemployment among blacks was shorter than among whites. Vedder and Galloway, “Out of Work: Unemployment and Government in Twentieth-Century America,” p. 281.


3. Again, this at a time of greater racial discrimination, but with more competition and open markets, and less government regulation. According to Vedder and Galloway, New Deal interventions such as the Davis-Bacon Act (minimum wage law), the Fair Labor Standards Act, the National Labor Relations Act, etc., during the 1930’s, are a major factor in reducing work opportunities for blacks.

 

[Dugdale_Jukes]

The absolute stupidity of almost all that favor raising minimum wage is obvious from the FACT no one seems to refute the illustration regarding Jack-in-the-Box having to determine:
A) in order to cover the additional $4,000 a year in employee costs ..do we cut hours?
B) Or do we raise our prices?

It is an economic impossibility to sustain the additional $100,000 cost to each location due to the raising to $10.25 minimum wage(includes employer payroll taxes.)

So either hours are lost which means less spending with fewer dollars and the cost is going directly to payroll taxes, Unemployment and workman's comp..
OR the prices will have to be raised.

A location gross $1 million with operating costs of $950,000 will have to raise their prices by 10% to cover the MINIMUM WAGE of $10.25 /hour again for you folks with short attention span that is $9.00 PLUS $1.25 in SS/Medicare/FUTA/workman's comp payments by the employer!!

Wow. You might want to put the shovel down and go read my response to your post just above. Your numbers are well beyond the usual nutball wild-eyed bogusness into some new level of BizzarroWorld wrongness.

Is that the result of watching Windsock McCain in 2008 and the repeat "Triumph of The Lie" tour by his political successor Vulture Willard in 2012? Fact is there are as many as five percent of the people who can look at the kind of nonsense you trot out above and get mixed feelings somewhere between a noir laugh and wanting to cry over the failure of public education.

 

[Wyatt earp]

The minimum wage has been raised several times over the years.

And yet somehow we've managed to survive and even prosper in the face of such adversity.

then why do we have to keep raising it? everything else just goes up when we do. and I would be real ticked off if I was at around $11 bucks an hour right now.

 

[tjvh]

When Jack in the Box raises the salary of their CEO

Why don't they tell customers that they will have to raise prices to pay for it?

When the CEO at Jack in the Box gets a raise because he did a good job, why is that anyone's business but his own?

 

[healthmyths]

The absolute stupidity of almost all that favor raising minimum wage is obvious from the FACT no one seems to refute the illustration regarding Jack-in-the-Box having to determine:
A) in order to cover the additional $4,000 a year in employee costs ..do we cut hours?
B) Or do we raise our prices?

It is an economic impossibility to sustain the additional $100,000 cost to each location due to the raising to $10.25 minimum wage(includes employer payroll taxes.)

So either hours are lost which means less spending with fewer dollars and the cost is going directly to payroll taxes, Unemployment and workman's comp..
OR the prices will have to be raised.

A location gross $1 million with operating costs of $950,000 will have to raise their prices by 10% to cover the MINIMUM WAGE of $10.25 /hour again for you folks with short attention span that is $9.00 PLUS $1.25 in SS/Medicare/FUTA/workman's comp payments by the employer!!

Wow. You might want to put the shovel down and go read my response to your post just above. Your numbers are well beyond the usual nutball wild-eyed bogusness into some new level of BizzarroWorld wrongness.

Is that the result of watching Windsock McCain in 2008 and the repeat "Triumph of The Lie" tour by his political successor Vulture Willard in 2012? Fact is there are as many as five percent of the people who can look at the kind of nonsense you trot out above and get mixed feelings somewhere between a noir laugh and wanting to cry over the failure of public education.

You have NOT provided any FACTS like I did!
FACT
The current payment to Federal Govt. and the employee on behalf of employee for minimum wage is $7.25 Plus

6.2% for Social security
PLUS 1.45% for Medicare
PLUS 2.7% for Federal unemployment
PLUS 1.25% for Workman's comp..
Total of 11.6% when added to the base of $7.25 makes total payment to employee and to the benefit of the employee: $8.09 per hour AND NOT $7.25!

If the BASE goes to $9/hour the total goes to $10.04 per hour.. THIS IS AN INCREASE that employers have to pay and not just $9.00! Dumb f...K!
And the FACTS are if you took time to follow the links I provided:

Jack-in-the-Box CEO made $900,000 salary which is 3/10ths of one percent of gross sales.

If you also followed the article that I used the local JIB's had 48 locations averaged 26 minimum wage employees that if the rate was raised would cost
EACH LOCATION $110,018 more per year which is almost 2 times what their net profit of $60,000 a year works out!

SO JACKASS who most likely because of your totally gross ignorance when it comes to simple math and to how businesses work you do live down by the riverside in a trailer.. NOT that there is anything wrong but it certainly proves you are an IDIOT!

AGAIN go to the source NOT ME.. of the information!

Stock:Jack In The Box (JACK))

 

[healthmyths]

When Jack in the Box raises the salary of their CEO

Why don't they tell customers that they will have to raise prices to pay for it?

Because whe you spread the cost of that raise over its customers, it comes to about $0.0000000001 per customer.

Where did you ever come up with that number?

Assume average Jack-in-the-box ticket for a meal is $7.00/customer.

Average store grosses ($2.4 billion/2,212 locations or) $1.1 million.
That means total customers @ $7.00 is about 160,000.
To cover the $110,000 increase due to minimum wage that works out to $.68 per customer or a 10% increase in price or $7.68/customer!

NOT some phony number you pulled out of your butt!

It is $.68 per each meal purchase dumb f..k! 10% price increase equals INFLATION or else to keep from raising prices,

or else Jack-in-the-box reduces hours or number of employees... that simple!

 

[Dugdale_Jukes]

On second thought, boy, that shovel was made for your hands.

Keep digging. Everyone else here with a three digit IQ is digging it as well.

 

[healthmyths]

On second thought, boy, that shovel was made for your hands.

Keep digging. Everyone else here with a three digit IQ is digging it as well.

I never thought I'd see the day when simple arithmetic like adding and subtracting was so difficult for supposedly adults to understand but you're the best example!

Can you at least admit the Employer when paying the employee ALSO contributes to the Employee's SS and Medicare as well as paying unemployment taxes and workman's comp? IS that FACT so hard for you to comprehend?

Let's make it simpler. Current minimum wage is $7.25 according you!
SO what happens when the employer sends IRS quarterly form 941 report that says the employer is paying $7.25 but no SS or Medicare taxes?

What do you think will happen???

 

[auditor0007]

The minimum wage has been raised several times over the years.

And yet somehow we've managed to survive and even prosper in the face of such adversity.

Checked the UE rate among teenagers lately?

It is high, but there are a couple of ways to look at this. One reason UE rates are high among teenagers is the simple fact that adults are taking those minimum wage jobs because they cannot find anything better. If we lowered the minimum wage by $1 per hour for anyone under 18, minimum wage employers would start hiring a lot more teenagers, but it would boost the UE rate for adults who need those minimum wage jobs just to help pay for their rent and food.

Bottom line is that the economy still sucks, and until demand increases, employers are not likely to start hiring in large numbers.