Burrito economics: Republican claims about price rises are so much hot air

Discussion in 'Politics' started by Frederick Foresight, Jun 14, 2021.

  1. gwb-trading

    gwb-trading

    So if you are allowing a free supply & demand market for executive pay then what is wrong in allowing a free supply & demand market for worker pay?
     
    #11     Jun 14, 2021
    WeToddDid2 likes this.
  2. Unfettered capitalism is like a moth, a flame, and the inevitable conclusion.

    The question should be how to regulate. Not if.
     
    #12     Jun 14, 2021
    Ricter likes this.
  3. gwb-trading

    gwb-trading

    Regulations for safety and related stuff I support. I support child labor laws. I even support some form of a minimum wage.

    But the movement now -- including the idiotic article from the Guardian -- that somehow blames worker woes on high executive pay is simply stupid. Likewise the movement to magically define a "livable" wage and demand it be paid-- which is usually many times what the labor is economically worth (meaning any company will go bankrupt paying it) -- is equally absurd.
     
    #13     Jun 14, 2021
  4. Ricter

    Ricter

    So the free market is not perfect after all.
     
    #14     Jun 14, 2021
  5. If it is at least a living wage, then we're all set.

    I thought you were the economics guy. Economics essentially comes down to the efficient allocation of scarce resources. If the executives are hogging it, from where will living wages magically appear?

    Fascinating how you hold the little guy barely scraping by in contempt while siding with the so misunderstood executives raking in barrels of the stuff, relatively speaking.

    And do you really believe the executive pay these days is anywhere near justifiable? Assholes getting multimillion dollar golden handshakes and parachutes for running their companies into the ground or into deep financial trouble? Musical chair executive board members voting excessive salaries for one another? (The Invisible Hands that scratch each other's backs.)
     
    Last edited: Jun 14, 2021
    #15     Jun 14, 2021
  6. gwb-trading

    gwb-trading

    Never said it was. But the government stepping into the wage market and artificially altering it by paying loads of free money for people to stay at home while businesses need workers is simply no sustainable ... and needs to stop.
     
    #16     Jun 14, 2021
  7. UsualName

    UsualName

    I say let them fight it out. For too long the government has been under the thumb of employers and not for employees. It’s good there is a shift away from employers.

    As to wages, again let the fight happen. Raise the minimum wage to something halfway workable and let employers and employees fight it out. If employees can get $22 an hour good for them. The minimum wage won’t be anywhere near there though.

    And yes getting the working poor higher wages will reduce government participation in programs such as food and rental assistance.
     
    #17     Jun 14, 2021
  8. Not sure a shitty burrito should cost $8 if you want axctual quality and not food poisoning...


    Also what is this bullshit that fast food joints cannot raise prices on their food if they pay workers more????

    https://finance.yahoo.com/news/chip...lyst-sees-the-stock-surging-30-105817748.html

    Oh shit!

    Chipotle said last week it recently raised menu prices by 4% to compensate for higher labor costs, fueled in large part by worker shortages sweeping across the country. It's an issue Chipotle has chosen to address by lifting the average hourly wage for workers to $15 an hour, explained Chipotle CEO Brian Niccol on Yahoo Finance Live.

    "So, we can pass that through. So, it feels like the right thing at the right time," Chipotle CFO Jack Hartung told analysts at a Baird conference.

    Chipotle hiked prices on digital-only orders earlier this year.

    But despite the latest menu price increase, Chipotle isn't showing any signs of losing customers who are upset with having to pay more for a burrito or salad bowl. Actually it's quite the contrary, as suggested in Vaccaro's note and others seen by Yahoo Finance lately. With people becoming more mobile after getting their COVID-19 vaccine, they are packing out Chipotle (and other fast food restaurants) locations for lunch and dinner.
     
    #18     Jun 14, 2021
  9. Republican faith-based economics.
     
    #19     Jun 14, 2021
  10. AR15

    AR15

    What a loser

    No doubt in my mind you grew up poor and you think this country owes you what your parents couldn’t give you

    Sad that hourly losers such as yourself think you need to be paid not by the value you add but “by what’s fair”.

    You know what’s fair? Getting paid proportionality to the problem you solve
     
    #20     Jun 14, 2021