McDonald's and other CEOs tell investors a $15 minimum wage won't hurt business

[Shaul]

McDonalds can support this because it won’t affect them and will cripple rising competitors. First off, McDonalds is eliminating lower waged employees. McDonalds has gone from 460,000 employees in 2005 to 200,000 in 2020. Most of the jobs eliminated were the minimum wage jobs. It did it through automation. A trend that will continue. McDonalds knows that it can afford such automation while small (mom and pop) competitors can’t. This move by McDonalds isn’t about helping low income earners. In fact it would ultimately hurt them because of job elimination.

 

[Kooky]

McDonalds can support this because it won’t affect them and will cripple rising competitors. First off, McDonalds is eliminating lower waged employees. McDonalds has gone from 460,000 employees in 2005 to 200,000 in 2020. Most of the jobs eliminated were the minimum wage jobs. It did it through automation. A trend that will continue. McDonalds knows that it can afford such automation while small (mom and pop) competitors can’t. This move by McDonalds isn’t about helping low income earners. In fact it would ultimately hurt them because of job elimination.

Indeed, the correct decision is to turn all of these companies into worker-controlled co-operatives instead.

 

[metis]

Indeed, the correct decision is to turn all of these companies into worker-controlled co-operatives instead.

After the original owners are no longer running the company, I agree.

 

[Kooky]

After the original owners are no longer running the company, I agree.

I would say they should be welcome to rejoin as long as they do proper work like every other employee, at the same wage levels as their fellow workers.

 

[metis]

I would say they should be welcome to rejoin as long as they do proper work like every other employee, at the same wage levels as their fellow workers.

Exactly, and the same should also apply to their kids since they cannot inherit the business.