Yes of course it would take legislation, but turning it from a revolving fund to a depository bank wouldn't be hard, since it already has banking infrastructure and a proven track record of prudent, productive lending.
These Socialists will never cut spending or stop raising taxes. They are trying to destroy the place to bring in Communism. Fraud, waste and mismanagement are vehicles to achieve those ends
Prices have gone up. There's quite a bit of backstory, however, to this particular fast food minimum wage law, and it shows the dark side of things that may seem good. (Apologies for the delay in getting back. Some research needed.)
"Fast food prices are up since the law took effect on April 1. In less than one month, Wendy’s increased prices by 8 percent, Chipotle’s prices have increased by 7.5 percent, and Starbucks prices are up by 7 percent. McDonald's has announced it will be raising prices, and many other fast-food franchises have announced hiring freezes.
"California now has the highest-priced fast food in the country, but there is an obvious limit to how much further prices can climb. “I can’t charge $20 for Happy Meals,” noted Scott Rodrick, a Northern California McDonald’s franchisee. ...
"Fast-food employers have few alternatives to a $20 minimum wage other than cutting their workforces or raising prices, as fast-food profit margins are slim, averaging 5‒8 percent. ..."
Thanks for the response! So according to the article a 1.3% decline in employment and ~7.5% of price increases is the price to pay for a %25 pay increase for fast food workers. Still seems like a good bargain to me, although it's good to acknowledge the trade offs.
Yes of course it would take legislation, but turning it from a revolving fund to a depository bank wouldn't be hard, since it already has banking infrastructure and a proven track record of prudent, productive lending.
These Socialists will never cut spending or stop raising taxes. They are trying to destroy the place to bring in Communism. Fraud, waste and mismanagement are vehicles to achieve those ends
I feel like cutting fast food jobs because of minimum wage is just an excuse. Why wouldn't they just increase their prices by 10 cents?
Prices have gone up. There's quite a bit of backstory, however, to this particular fast food minimum wage law, and it shows the dark side of things that may seem good. (Apologies for the delay in getting back. Some research needed.)
https://www.hoover.org/research/california-loses-nearly-10000-fast-food-jobs-after-20-minimum-wage-signed-last-fall
"Fast food prices are up since the law took effect on April 1. In less than one month, Wendy’s increased prices by 8 percent, Chipotle’s prices have increased by 7.5 percent, and Starbucks prices are up by 7 percent. McDonald's has announced it will be raising prices, and many other fast-food franchises have announced hiring freezes.
"California now has the highest-priced fast food in the country, but there is an obvious limit to how much further prices can climb. “I can’t charge $20 for Happy Meals,” noted Scott Rodrick, a Northern California McDonald’s franchisee. ...
"Fast-food employers have few alternatives to a $20 minimum wage other than cutting their workforces or raising prices, as fast-food profit margins are slim, averaging 5‒8 percent. ..."
Thanks for the response! So according to the article a 1.3% decline in employment and ~7.5% of price increases is the price to pay for a %25 pay increase for fast food workers. Still seems like a good bargain to me, although it's good to acknowledge the trade offs.
Maybe, but it's driving up prices everywhere: https://www.msn.com/en-us/money/markets/california-faces-wage-crisis-as-workers-demand-30-an-hour/ss-BB1mJ1Y1
Converting the I-bank to a depository bank would not be simple. It would require legislation.