The study is talking about overall numbers of jobs, not specific companies. Get fired from McDonalds closing a location, get a job with higher pay somewhere else that's paying the new minimum wage, is a net zero result.
McDonalds is gutted that their 2024 earnings are on track for only a 5% increase over 2023, which saw a 10% gross profit increase for the year.
Remember when there was a "shoplifting crime wave" that it turned out was just profits were down so they had to blame something?
Ff is down because they got greedy and raised prices so that their food wasn't exceptionally cheaper than the other options anymore which is the main reason people eat there. If people can't afford the food anymore, that's not the employee compensation, that's bad business decisions. There was plenty of profit to cover the wage increases and still have huge profits if sales had stayed the same.
Fast food realized humans could be replaced by screens so the worker reduction trend was there long ago.
We've been having fewer and fewer cashiers at McD in my country for the past 5-10 years. Minimum wage HAS been increasing, but McD costs about the same as a real meal at a real restaurant anyway, and they're constantly full.
Wow, I guess FF jobs don't count?
https://www.hoover.org/research/california-loses-nearly-10000-fast-food-jobs-after-20-minimum-wage-signed-last-fall
https://www.foxbusiness.com/media/restaurant-chain-shuts-nearly-50-locations-california-following-minimum-wage-hike
The study is talking about overall numbers of jobs, not specific companies. Get fired from McDonalds closing a location, get a job with higher pay somewhere else that's paying the new minimum wage, is a net zero result.
McDonalds is gutted that their 2024 earnings are on track for only a 5% increase over 2023, which saw a 10% gross profit increase for the year.
Remember when there was a "shoplifting crime wave" that it turned out was just profits were down so they had to blame something?
Ff is down because they got greedy and raised prices so that their food wasn't exceptionally cheaper than the other options anymore which is the main reason people eat there. If people can't afford the food anymore, that's not the employee compensation, that's bad business decisions. There was plenty of profit to cover the wage increases and still have huge profits if sales had stayed the same.
https://en.wikipedia.org/wiki/Correlation_does_not_imply_causation
Fast food realized humans could be replaced by screens so the worker reduction trend was there long ago.
We've been having fewer and fewer cashiers at McD in my country for the past 5-10 years. Minimum wage HAS been increasing, but McD costs about the same as a real meal at a real restaurant anyway, and they're constantly full.