As someone that works in the restaurant industry I can tell you that you can work 40+ hours and not earn enough to live on. There are also very few teenagers that are working in fast food. Most are struggling adults taht have to work two jobs. Even if they did pay $15 hour the companies will just cut worker shifts and days they work
You mean until the knock on effect kicks in and more and more people are able to eat out?
I can't be arsed cooking. I enjoy it. Once a week, maybe, when I can put the effort in, but rather thinking "fuck it" and making spaghetti hoops or beans on toast, to create the least possible mess, I'd rather go out and enjoy a nice people, in decent company, speak to the staff for something different.
What I'm on at the minute is more than a decent wage, but I couldn't afford to do that. If I was able to, I would be. I'm sure many other people would be. All these people are now coming out to eat; if you can't afford to staff a restaurant at those times after the amount of potential money coming in, then you won't receive that money as people will go where they can get served quicker and properly.
In the UK, the Living Wage is £7.85 in 2014-2015, which in October is likely to go up to around £8.05+ this year. We'll call it £8 for ease. Now, you don't get taxed on your first £10600, so that means that on a 25 hour week, you won't be taxed, but can earn £200 a week without being taxed. Anything over that has the extra taxed at 20%. That is a 3 Nights work a week; Friday, Saturday, and Sunday.
Compare that same amount of work for the National Minimum Wage at 6.50; 162.50, £8450, or according to this; http://www.cpag.org.uk/content/uk-poverty-line
, for a single parent with a child under 14, considered the Poverty Line. From that, you've got to find Food (~£60 a week) Accomodation (~100 a weak), Travel (~£20 for a weekly pass), Childcare (~£120 for those 3 nights you're working)...
So, for people who are working in that way, you've got all that money going out on absolute minimum requirement purposes, so that there is no profit being made on items of higher value items. People aren't eating out at a restaurant to pay £50 for a bottle of wine, 2 meals, cinema, and a taxi back, they're going home, and eating a tin of beans and toast, not because they're lazy, but because that's what they can afford. Your food prices? You can afford to put them up slightly; because you'll need to cover the increase costs that have come from supply/demand mechanics, but also because you can afford to because people will buy them. Someone who has £5 to spend is unlikely to spend £4.50 on something, but someone who has £10 to spend is more likely to £5 for the same thing.
This means that as a company continues to employ more and more people going at this lower rate of pay, more and more money is being taken out of the overall economy and circulation, and instead going in to line the pockets and profit/loss of corporations and their big wigs. I'm not against Capitalism, I believe in getting rewarded for the work you put in, and being able to reap those benefits, but I also believe that it cannot operate without a corporate responsibility, and that involves playing a long game. I can't sell my houses for Millions and Millions of pounds, because they're not worth that, and no-one would buy them.
In return, we get quantitive easing, which is basically printing money, and devaluing the pound. As that is slowly levelling out, and the pound becomes stronger again, we are seeing the upside of people being forced to borrow money; higher inflation rates were good in some instance, because it effectively shrunk the effect on debts; the debt was static; £10,000 was £10,000, but being paid £10/hour instead of £8 and hour because of inflation effectively reduced the cost of the debt by 25% comparatively (and overly simplistically).
It's hard to explain; we're after all talking on a forum where the main point of interest is an extremely over costed luxury good that regardless of complaints of it being too expensive, for the most point we can afford, and are not counted as being on the poverty line. But that said, get paid more means more money to spend, more money to spend means more demand, means more jobs for people, means more money going into the economy, and around and around we go.
The cost? A comparatively short term cost to private business owners and inevitably the government who are going to have to food that bill in a form of compensation. There won't be a need for increased Tax, because the increase in monetary value from VAT transactions will pay for itself.
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