Skip to comments.Macy's CEO Explains Why He's Against Raising The Minimum Wage
Posted on 04/19/2014 4:58:43 PM PDT by Oldeconomybuyer
Macy's CEO Terry Lundgren believes that raising the minimum wage would result in fewer jobs for Americans.
"So if your costs go up by X million by taking an initiative like this, what are companies going to do? It doesnt mean their sales are going to get better, it just means that youre going to have to offset that expense and how are you going to offset that expense?" Lundgren asked. "The worst thing that can happen is we end up laying off people."
Lundgren said that he thinks that reducing the corporate tax rate could help create more jobs.
(Excerpt) Read more at sfgate.com ...
Oh boy, he’s dead meat.
I expect the IRS, NSA, and SEC to be on this minimum wage denier.
Appropriate, it IS a taking and/or a tax.....
Jack up the costs enough and companies like Macy’s will just decide they don’t need employees on the sales floor. No Costco employees stand next to the clothes and they manage to sell them just find.
One benefit if they manage to push through the immigration bill is all those illegals working under the table will expect minimum wage. That should drastically cut the demand for their services.
Then they can go on unemployment and welfare.
they’re going to Macy’s!”
Took part in a survey recently in which almost 10,000 participated from all across the U.S. One of the questions was: Of the following three stores, which would you be most likely to frequent? Macy’s, Nordstrom’s, Target. 87% of the responders said Target, 8% said Nordstrom’s and 5% said Macy’s.
Macy’s is an anchor store in our local shopping center and I hardly ever see anyone parking in their huge lot right outside their main entrance. Used to be a great store but now just lots of overpriced clothes or poor quality IMO.
In a TV report on the issue of raising NJ’s state minimum wage, a college educated reporter repeated a Democrat talking point that raising the minimum wage would “contribute x% to the state’s economy” due to the extra pay minimum wage workers were going to get - as there was some magic pot of gold the “extra” pay was going to come from, ignoring that every dime of that extra pay will come out of others incomes across the spectrum of the economy, raise prices at the retail level in many cases and many of those cases will be where those earning “minimum wage” spend a good amount of their income. There is zero net contribution to any GDP due to raising any minimum wage.
What does he know about it?! He’s never been a government bureaucrat.
Just ask the college educated TV Reporter if their station doubled the salaries of their on-air talent, what would happen to advertising rates? They would probably go up. If their ad rates went up, what would their customers do? Pay the higher rates, move their ads to a competitor, or cut back on ads?
If raising wages increased productivity, we wouldn’t need the science of economics. Government mandated wages or prices never increases economic activity. Just ask Venezuela.