SHOCKING: Restaraunts in Seattle closing down as $15/hour minimum wage approaches

[LastEmperor2k2]

Obvious, you shouldn't get paid that much to do fast fukking food.

Anyone can do it, honestly you should get paid that much, but everyones salary should go higher in general, but we all know that isn't going to happen.

If you don't have a trade, skill or education, get one.

 

[ill]

Its simple: the greedy CEO can't adjust cutting back 20% of their huge bonuses, so they overwork their employees.


Bu bu but the CEO does the hardest work

While he plays in numerous golf tournaments and takes a lot of 30 day vacations per year.

Not every company is a Fortune 500 big business. Most companies don't fit that narrative. Most CEOs that make outrageous salaries only work for the biggest of companies. You are on the extreme end of things. What about everyone else? If you start a company, is it to make yourself as much money as possible or to give out charity and split your revenues with your employees?

Lets go the Fortune 500 route. Is it wrong for a CEO to get a $10 mill bonus (while his workers make say 40k) when he's brought in $2 billion worth of business for that company? How much did the average worker bring in for the company? Heavy is the head that wears the crown - thats why they are paid.

There are more ways to look at things than just Workers = slaves, CEO = master. In the real world, its hard to accomplish big things (especially business deals) and the rewards for completing such a task must be grand. When you invest all of your money into something, you expect to pull every last cent back out in the end. Why listen to people such as yourself that are telling this entrepreneur that he shouldn't make as much money?

 

[tmonster]

It will but more as a result of the main industries in Seattle (tech, engineering, law/professional services, trade import/export) not having a strong black presence whatsoever. They have high MINORITY participation thus the "diverse" label Seattle gets but when you look at the pie chart there isn't much black berry there.

ignore that, don't address it, instead keep wages down so black people can keep earning the low wages

 

[tmonster]

Nevada Bill Aims To Scrap Minimum Wage That Voters Passed By Ballot Initiative
BY BRYCE COVERT POSTED ON MARCH 14, 2015 AT 9:47 AM UPDATED: MARCH 14, 2015 AT 10:50 AM

Nevada state Sen. Joe Hardy (R)

CREDIT: AP/CATHLEEN ALLISON

After President Obama called for states to raise their minimum wages in his 2013 State of the Union, 10 of them took him up on the challenge by raising their wages last year, so many that the majority of states now have a higher wage than the federal level of $7.25 an hour.

But in Nevada, state Sen. Joe Hardy (R) wants to move in the other direction. He’s introduced legislation that would repeal the state’s minimum wage, currently set at $8.25 for those who don’t get health benefits. In 2006, the state’s voters approved a constitutional amendment that sets a standard minimum wage, but Hardy’s resolution would repeal it and give the legislature the ability to control the wage.

Even if they don’t have a higher wage than the federal floor, the vast majority of states at least have set one. Five have no minimum wage law — Alabama, Louisiana, Mississippi, South Carolina, and Tennessee — while two, Georgia and Wyoming, have set theirs lower than $7.25. Even so, the federal minimum takes precedence, so employers in these states still have to pay employees at least that much.

Some other states have also considered reducing, rather than raising, their wages. In February, a South Dakota state committee approved a proposal that would allow its minimum wage to decrease, erasing a provision of a wage hike approved by voters that bars it from falling. Other states are considering lower wages for certain groups, liketipped workers or young people.

Hardy’s Democratic colleagues, however, have a very different idea. State Sen. Tick Segerblom (D) has sponsored legislation that would raise the constitutional minimum wage to $15 an hour for those without health insurance. A $15 wage is still rare but starting to gain traction after striking fast food workers have called to be paid at least that much. Seattle and San Francisco have increased their wages to that level, whilePortland increased the wage for city workers to that much, and it’s under consideration in Oregon, New York City, Los Angeles, and Chicago.

The federal minimum wage, meanwhile, hasn’t been raised in six years, despite Congressional Democrats introducing increases multiple times. If it had kept up with inflation, it would be more than $10 an hour, and if it had kept up with rising worker productivity, it would be more than $20.

Tags:

• Minimum Wage
• Nevada
• http://thinkprogress.org/economy/2015/03/14/3633838/nevada-minimum-wage/

how nice of them...

how democratic...

 

[tmonster]

Nevada Bill Aims To Scrap Minimum Wage That Voters Passed By Ballot Initiative
BY BRYCE COVERT POSTED ON MARCH 14, 2015 AT 9:47 AM UPDATED: MARCH 14, 2015 AT 10:50 AM

Nevada state Sen. Joe Hardy (R)

CREDIT: AP/CATHLEEN ALLISON

After President Obama called for states to raise their minimum wages in his 2013 State of the Union, 10 of them took him up on the challenge by raising their wages last year, so many that the majority of states now have a higher wage than the federal level of $7.25 an hour.

But in Nevada, state Sen. Joe Hardy (R) wants to move in the other direction. He’s introduced legislation that would repeal the state’s minimum wage, currently set at $8.25 for those who don’t get health benefits. In 2006, the state’s voters approved a constitutional amendment that sets a standard minimum wage, but Hardy’s resolution would repeal it and give the legislature the ability to control the wage.

Even if they don’t have a higher wage than the federal floor, the vast majority of states at least have set one. Five have no minimum wage law — Alabama, Louisiana, Mississippi, South Carolina, and Tennessee — while two, Georgia and Wyoming, have set theirs lower than $7.25. Even so, the federal minimum takes precedence, so employers in these states still have to pay employees at least that much.

Some other states have also considered reducing, rather than raising, their wages. In February, a South Dakota state committee approved a proposal that would allow its minimum wage to decrease, erasing a provision of a wage hike approved by voters that bars it from falling. Other states are considering lower wages for certain groups, liketipped workers or young people.

Hardy’s Democratic colleagues, however, have a very different idea. State Sen. Tick Segerblom (D) has sponsored legislation that would raise the constitutional minimum wage to $15 an hour for those without health insurance. A $15 wage is still rare but starting to gain traction after striking fast food workers have called to be paid at least that much. Seattle and San Francisco have increased their wages to that level, whilePortland increased the wage for city workers to that much, and it’s under consideration in Oregon, New York City, Los Angeles, and Chicago.

The federal minimum wage, meanwhile, hasn’t been raised in six years, despite Congressional Democrats introducing increases multiple times. If it had kept up with inflation, it would be more than $10 an hour, and if it had kept up with rising worker productivity, it would be more than $20.

Tags:

• Minimum Wage
• Nevada
• http://thinkprogress.org/economy/2015/03/14/3633838/nevada-minimum-wage/

how nice of them...

Finally government gets something right

 

[ghostwriterx]

Lets go the Fortune 500 route. Is it wrong for a CEO to get a $10 mill bonus (while his workers make say 40k) when he's brought in $2 billion worth of business for that company? How much did the average worker bring in for the company? Heavy is the head that wears the crown - thats why they are paid.

What about when CEO's suck and they still get a ridiculous bonus?

http://www.pbs.org/newshour/bb/business-july-dec11-ceopay_10-04/

"Median executive compensation has more than quadrupled over the last four decades, even through the financial crisis, while non-supervisory workers have seen a 10 percent decline."

"And it was vividly on display at Hewlett-Packard last week when they fired their chief executive, gave him a severance payment of over $13 million and let him keep roughly $10 million he’d been paid to lure him there, to sign on, for a total — a grand total of about $23 million for 11 months of work that was, everybody agreed, an abject disaster.

Now what explains that? You know, it’s — the boards have simply, you know, abdicated their responsibility here. They do look at comparative examples where other people get these lavish severance bonuses. And they claim they need to give them these guarantees to get them to leave other jobs.

But in his case, he didn’t even have another job. He’d been fired as CEO at his last company. So he didn’t need a guarantee to get him out of there. And yet that is the boilerplate that is creeping into these contracts."

Come up $10 short on the register at Walmart you're out on your ass. Cost the company millions with bad management decisions here's a cushy multi-million dollar parachute to ease your pain.

 

[storyteller]

This kinda reminds me of the police chief claiming homicides are way up because of pot legalization before any conclusive data has been gathered one way or the other. "Hey some restaurants I eat at closed this year" isn't enough evidence to make any actual point worth arguing.

 

[ill]

What about when CEO's suck and they still get a ridiculous bonus?

http://www.pbs.org/newshour/bb/business-july-dec11-ceopay_10-04/

"Median executive compensation has more than quadrupled over the last four decades, even through the financial crisis, while non-supervisory workers have seen a 10 percent decline."

"And it was vividly on display at Hewlett-Packard last week when they fired their chief executive, gave him a severance payment of over $13 million and let him keep roughly $10 million he’d been paid to lure him there, to sign on, for a total — a grand total of about $23 million for 11 months of work that was, everybody agreed, an abject disaster.

Now what explains that? You know, it’s — the boards have simply, you know, abdicated their responsibility here. They do look at comparative examples where other people get these lavish severance bonuses. And they claim they need to give them these guarantees to get them to leave other jobs.

But in his case, he didn’t even have another job. He’d been fired as CEO at his last company. So he didn’t need a guarantee to get him out of there. And yet that is the boilerplate that is creeping into these contracts."

Come up $10 short on the register at Walmart you're out on your ass. Cost the company millions with bad management decisions here's a cushy multi-million dollar parachute to ease your pain.

The Board of Directors took on the risk of their CEO being a failure. Thats factored in already when they offer a compensation package to take over a company. If the BOD approves it, who the fukk are you to question it. They are mostly private companies. Unless they are sponsored in some way by the government, then you have no fukking say about their pay. If you don't like it, go work elsewhere or start you're own business and see how much money you DONT WANT TO TAKE. Hustle backwards breh.

 

[ill]

What about when CEO's suck and they still get a ridiculous bonus?

http://www.pbs.org/newshour/bb/business-july-dec11-ceopay_10-04/

"Median executive compensation has more than quadrupled over the last four decades, even through the financial crisis, while non-supervisory workers have seen a 10 percent decline."

"And it was vividly on display at Hewlett-Packard last week when they fired their chief executive, gave him a severance payment of over $13 million and let him keep roughly $10 million he’d been paid to lure him there, to sign on, for a total — a grand total of about $23 million for 11 months of work that was, everybody agreed, an abject disaster.

Now what explains that? You know, it’s — the boards have simply, you know, abdicated their responsibility here. They do look at comparative examples where other people get these lavish severance bonuses. And they claim they need to give them these guarantees to get them to leave other jobs.

But in his case, he didn’t even have another job. He’d been fired as CEO at his last company. So he didn’t need a guarantee to get him out of there. And yet that is the boilerplate that is creeping into these contracts."

Come up $10 short on the register at Walmart you're out on your ass. Cost the company millions with bad management decisions here's a cushy multi-million dollar parachute to ease your pain.

Oh, the ones hurting the most from the CEO failing are the shareholders. You know, people that put up their own hard earned money to OWN equity in the company. They are the ones who guide CEO pay based on what they perceive as fair value, not what the general public that has no equity interest in the company says.

 

[ghostwriterx]

The Board of Directors took on the risk of their CEO being a failure. Thats factored in already when they offer a compensation package to take over a company. If the BOD approves it, who the fukk are you to question it. They are mostly private companies. Unless they are sponsored in some way by the government, then you have no fukking say about their pay. If you don't like it, go work elsewhere or start you're own business and see how much money you DONT WANT TO TAKE. Hustle backwards breh.

Eh, you must have me confused. I was just pointing out that CEO pay is not always commensurate with performance which is what you seemed to be implying.

Oh, the ones hurting the most from the CEO failing are the shareholders. You know, people that put up their own hard earned money to OWN equity in the company. They are the ones who guide CEO pay based on what they perceive as fair value, not what the general public that has no equity interest in the company says.

http://blogs.wsj.com/cfo/2014/08/26/companies-say-no-way-to-say-on-pa/

"Meet the renegades of executive pay: two dozen companies, including Oracle Corp . ,RadioShack Corp. and Nabors Industries Ltd. , that keep giving top officers sky-high pay packages and luxury perks despite shareholder ire.

Investors have repeatedly voted against the salary and bonuses of these companies at annual meetings. Yet the companies appear to have dug in their heels—often because they have founders who still run the business."

 

[JahFocus CS]

Workers talking shyt about other workers because of their false sense of superiority

"You don't deserve to get paid that much for flipping burgers"

Would the food get prepared if not for these workers? There would be no restaurants without them.

 

[ill]

Eh, you must have me confused. I was just pointing out that CEO pay is not always commensurate with performance which is what you seemed to be implying.



http://blogs.wsj.com/cfo/2014/08/26/companies-say-no-way-to-say-on-pa/

"Meet the renegades of executive pay: two dozen companies, including Oracle Corp . ,RadioShack Corp. and Nabors Industries Ltd. , that keep giving top officers sky-high pay packages and luxury perks despite shareholder ire.

Investors have repeatedly voted against the salary and bonuses of these companies at annual meetings. Yet the companies appear to have dug in their heels—often because they have founders who still run the business."

Bolded for emphasis. I understand how a Board works but how in the world do you think its justified on principle for someone to spend X amount of their lives starting and building up their own company only to then tell them they can't pay themselves what they want?

 

[ill]

Workers talking shyt about other workers because of their false sense of superiority

"You don't deserve to get paid that much for flipping burgers"

Would the food get prepared if not for these workers? There would be no restaurants without them.

People take risks in their lives (education, career path, etc) in order to gain better rewards down the road. Minimum wage jobs tend to be risk-less and reward-less. Perceiving a higher self-worth because someone took on those risks and is now reaping the rewards (higher paying job, better career prospects) is most definitely not a false sense of superiority but rather a true sense of it and the aggregation of ones hard work and risk taking.

There would be no jobs for these workers if there was no market demand or in a more realistic scenario, market demand will go down as the prices of lets say fast food goes up. If theres no market to buy $12 Big Mac's, McD's can't hire anyone, period. If theres less demand as the price goes up, they have less of a need to hire/pay more competitive wages. I don't see why you're trying to raise the floor on entry level jobs when the real solution is raising the education/risk-taking of entry-level employees to be more than minimum workers. McD's might have been a bad example as its a multi-national conglomerate but substitute any local burger joint or mom and pop shop and now they can't hedge against the downfall in demand and can't operate.

 

[DEAD7]

People take risks in their lives (education, career path, etc) in order to gain better rewards down the road. Minimum wage jobs tend to be risk-less and reward-less. Perceiving a higher self-worth because someone took on those risks and is now reaping the rewards (higher paying job, better career prospects) is most definitely not a false sense of superiority but rather a true sense of it and the aggregation of ones hard work and risk taking.

There would be no jobs for these workers if there was no market demand or in a more realistic scenario, market demand will go down as the prices of lets say fast food goes up. If theres no market to buy $12 Big Mac's, McD's can't hire anyone, period. If theres less demand as the price goes up, they have less of a need to hire/pay more competitive wages. I don't see why you're trying to raise the floor on entry level jobs when the real solution is raising the education/risk-taking of entry-level employees to be more than minimum workers. McD's might have been a bad example as its a multi-national conglomerate but substitute any local burger joint or mom and pop shop and now they can't hedge against the downfall in demand and can't operate.

Spoiler

 

[Brown_Pride]

Restaurants are a tough business. There's a lot of substitutions and low barriers to entry. This article seems to cherry pick and a lot of restaurants get away with paying less than minimum wage.

That being said, this minimum wage hike is obviously a factor. And this law while it may have good intentions, hurts small businesses.

How do you know this right now? People can model all they want but RIGHT NOW no one really knows wth is going to happen. Profits may or maynot be down. Here's what i'd argue, particularly to the people who say what's 15$ an hour x 0 hours....

Let's assume for a second that a restaurant is profitable to the tune of 30%, otherwise the shyt was going to close anyways, if a company has to cut into its profits losing 15%, and clearly i mean if an OWNER has to cut into his profits can't we use the same logic being used against min wage.

It's better to make some profit than NO profit. To be clear i'm not 100% sure how this will affect the restaurant industry just yet, particularly given most waiters are on tip+dikk income. The cooks and such are the only people who might get hit with this.

Also prices will have to go up, that's just common sense. I do think it's a little to soon to be calling doom and gloom for something that hasn't even taken effect yet.