McDonald’s profits implode seemingly overnight plunging 30%. Next step? Service to be automated.
“Amid a historically slow economic recovery, 1970s labor-participation rates and stagnant middle-class incomes, we understand that people are frustrated. Harder to understand is how so many of our media brethren have been persuaded that suddenly it’s the job of America’s burger joints to provide everyone with good pay and benefits. The result of their agitation will be more jobs for machines and fewer for the least skilled workers.” Joe Killian
Minimum Wage Backfire
McDonald’s moves to automate orders to reduce worker costs.
Updated Oct. 22, 2014 2:26 p.m. ET
If there’s a silver lining for McDonald’s in Tuesday’s dreadful earnings report, it is that perhaps union activists will begin to understand that the fast-food chain cannot solve the problems of theObama economy. The world’s largest restaurant company reported a 30% decline in quarterly profits on a 5% drop in revenues. Problems under the golden arches were global—sales were weak in China, Europe and the United States.
So even one of the world’s most ubiquitous consumer brands cannot print money at its pleasure. This may be news to liberal pressure groups that have lately been demanding that government order the chain known for cheap food to somehow pay higher wages.
https://www.wsj.com/articles/minimum-wage-backfire-1413934569
They are still making large profits. “Profits” declined 30%.
This has nothing to do with increasing minimum wage, in dfact it has very little to do with their business in this country.”McDonald’s business in Europe, its biggest market, was hurt by issues in Russia and Germany. Sales in China, its fastest-growing market, plunged due to a supplier scandal.”
But, none of that makes good news, and blaming minimum wage workers does.
in nj 8,75 is to low.
It’s called shitty food..,I wouldn’t feed it to my dog.