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Started By
Message
re: NY restaurants raising prices to cover minimum wage increase
Posted on 2/18/19 at 5:56 pm to MoneyShaker
Posted on 2/18/19 at 5:56 pm to MoneyShaker
quote:
MoneyShaker
You must be a Liberal .
You should get out of the "artsy" classes and take Business classes.
0
Posted on 2/18/19 at 5:58 pm to i am dan
quote:
Well, fricking duhhhhhhhh.
The most obvious response
These leftist retard snowflakes simply can't understand even the most basic economic principles
Costs increases, cause price increases.
This post was edited on 2/18/19 at 6:01 pm
Posted on 2/18/19 at 6:11 pm to Crimson Wraith
If they don't want to pay higher prices they can all eat shite.
Posted on 2/18/19 at 6:14 pm to Capital Cajun
quote:
And just like Seattle, some of these places will close and then no one will have a job.
Just what I was thinking Capital. Follow the Seattle model, 15 dollar min wage, check. Sanctuary City, check. Fire citizens and hire illegals, check. Homeless soars so you pass a tas on the businesses you just raised the minimum wage on to home the homeless, check. Businesses close people move out of the city tax base declines, raise taxes again.....
John Galt says hey.
Posted on 2/18/19 at 6:15 pm to MoneyShaker
quote:Sounds like you’ve never owned or managed a small business. If you had 5 full time employees, that extra $1/hour adds about $12,300 to the business’ payroll expense for the year. Plus increases their workers comp insurance cost if their premium is calculated based on payroll. A lot of mom and pops type shops don’t run on a big profit margin where an extra $1000+ in monthly expenses can just be easily absorbed.
Because you know , $1-1.50 raise over 3 years or whatever isn't a big deal and can be absorbed
quote:No but the employer also can consider whether the employee deserves a raise and how it would fit within the business operating budget
After all, do companies raise prices every time they give an employee a raise? Of course not.
Posted on 2/18/19 at 6:24 pm to bstew3006
T
That is correct Stew, its not just THEIR LABOR. The people who supply their buns, meat, pickles. The people who supply linens, janitorial services etc. Then all the public service unions will demand a wage increase so, utilities, garbage, etc.
And if I expect a certain margin and my cost go up by 15% overall, Im going to raise it 17% to keep my same percentage margin. And the mandatory service charges, tourist tax will have to go up as well, so expect a meal to cost at least 20% more.
quote:
hat's just 1 variable in the cost to run a business.
That is correct Stew, its not just THEIR LABOR. The people who supply their buns, meat, pickles. The people who supply linens, janitorial services etc. Then all the public service unions will demand a wage increase so, utilities, garbage, etc.
And if I expect a certain margin and my cost go up by 15% overall, Im going to raise it 17% to keep my same percentage margin. And the mandatory service charges, tourist tax will have to go up as well, so expect a meal to cost at least 20% more.
Posted on 2/18/19 at 6:26 pm to Crimson Wraith
Does everyone feel better now that they get paid more, but everything is more expensive?
Posted on 2/18/19 at 6:28 pm to Centinel
quote:
Elections have consequences.
So does economic stupidity...
Posted on 2/18/19 at 6:29 pm to MoneyShaker
quote:
so the min wage was already $13-13.50 and went to $15 and these places raised prices? How long was it $13 and where did it go up from there, and were prices raised at that point or what?
quote:
MoneyShaker
does not check out.
It truly is simple..... like, middle school level. If the cost of labor goes up, what can happen?
A} Business makes less profit
B} Business increases cost of goods and makes same profit.
C} Liberal Utopia - business loses money for the betterment of the world.
D} A or B, but not C, because liberals are fricking retarded.
This post was edited on 2/18/19 at 7:50 pm
Posted on 2/18/19 at 6:30 pm to The Pirate King
quote:
Does everyone feel better now that they get paid more, but everything is more expensive?
Exactly...nicely put too. I have been making this point for years. And the uptick on the costs of goods probably more than eats away any wage increase the employee gets.
Posted on 2/18/19 at 6:33 pm to Crimson1st
quote:
And the uptick on the costs of goods probably more than eats away any wage increase the employee gets.
Not to mention that with all of the price fluctuations, you’re more likely to overpay for something unless you keep up with price changes
Posted on 2/18/19 at 7:21 pm to Crimson Wraith
Where are we going? And why am I in this handbasket?
Posted on 2/18/19 at 7:24 pm to MoneyShaker
quote:
MoneyShaker
Um. From 13.50 to 15 is an 11.5% increase.
Restaurants are very low margin affairs as it is.
Posted on 2/18/19 at 7:27 pm to Crimson Wraith
quote:
NY restaurants raising prices to cover minimum wage increase
Posted on 2/18/19 at 7:29 pm to Tiger Prawn
Coke’s 5$
Posted on 2/18/19 at 7:29 pm to Tiger Prawn
quote:
Sounds like you’ve never owned or managed a small business. If you had 5 full time employees, that extra $1/hour adds about $12,300 to the business’ payroll expense for the year. Plus increases their workers comp insurance cost if their premium is calculated based on payroll. A lot of mom and pops type shops don’t run on a big profit margin where an extra $1000+ in monthly expenses can just be easily absorbed.
And that's before you realize that the cost of services the restaurant needs to contract out for just went the frick up also because THEY just got slapped with a $15 wage also.
Posted on 2/18/19 at 7:33 pm to Balloon Huffer
quote:You left off BB - Reduce quantities and quality.
A} Business makes less profit
B} Business increases cost of goods and make same profit.
C} Liberal Utopia - business loses money for the betterment of the world.
D} A or B, but not C, because liberals are fricking retarded.
Posted on 2/18/19 at 7:34 pm to ShortyRob
quote:
And that's before you realize that the cost of services the restaurant needs to contract out for just went the frick up also because THEY just got slapped with a $15 wage also.
Yep! Bar towels to straws...maybe not straws.
NYC is not a place that cane easily absorb this cost. Every margin is squeezed to the max as it is.
Posted on 2/18/19 at 7:41 pm to Tiger Prawn
That is unbelievable.
Posted on 2/18/19 at 7:42 pm to Crimson Wraith
Dang, now a deli sandwich is gonna cost $20.
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