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View Diary: Warren politely SCHOOLS businessman at Senate hearing who tries to explain wage economics to her (219 comments)

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  •  So was he bullshitting (3+ / 0-)
    Recommended by:
    mrkvica, tardis10, Shockwave

    when he said "I have many jobs, many jobs that pay well above the minimum wage.  We have a retirement plan, we offer health insurance to our salaried employees ..."?

    It seems to me that if all that is true, his percentage increase in labor cost ought to be smaller than the fast-food joint that pays mostly minimum right now.

    “What’s the use of having developed a science well enough to make predictions if, in the end, all we’re willing to do is stand around and wait for them to come true?” - Sherwood Rowland

    by jrooth on Mon Mar 18, 2013 at 12:35:55 PM PDT

    [ Parent ]

    •  No, not bullshitting (1+ / 0-)
      Recommended by:
      Shockwave

      Almost all of his employees probably make well above the minimum wage, but many are directly or indirectly impacted by it. His servers are paid $5.69 an hour (min wage for tipped employees in Conn). Bussers and line cooks may start at minimum, but he has to give raises to keep experienced workers, so many will make more after a couple months, but if the min wage goes up he will have to maintain the difference, so nearly everyone's salary moves up.

      He is probably the worse case for the percentage impact of a minimum wage increase, even though most of his employees make more (in many cases considerably more) than minimum.

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