Ok, so who is doing the work of these OVERPAID people let go? Is the work not getting done? Perhaps this postition needed eliminating anyway.
“..Ok, so who is doing the work of these OVERPAID people let go? Is the work not getting done? Perhaps this postition needed eliminating anyway...”
I’ve read where some of these companies are just closing shop.
It says right in the headline that the place has been shut down. No one is working there.
The Ford Principle, in reverse.
Now she can get unemployment and learn to get by on less with fentanyl and marijuana, saving the climate.
Ok, so who is doing the work of these OVERPAID people let go? Is the work not getting done? Perhaps this postition needed eliminating anyway.
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No one - they closed the restaurant.
If you read the article, you would see that the location was shut down - so no one is doing those jobs anymore because they no longer exist.
“Perhaps this position needed eliminating anyway.”
The example my economics professor used was a contractor installing a split rail fence.
He can hire ten low-skilled guys for $10/hr to do it all by hand - let’s say that takes 7.5 hours for a total labor cost of $750.
Or, he can hire two $100/hr machine operators, one with a post-hole digger and one with a front end loader - plus two $25/hr guys to guide the posts and rails in, pack and fill, etc.. With this option, it only takes 3 hours, for the same total cost of $750.
Raising the minimum wage does not make the job impossible, but it does cut the low skilled worker out of a job, and it has a few other negative consequences as well:
1) A variety of wage levels provides an opportunity for training and advancement. Workers can enter the work force at a low wage, learn a skill and prove their worth so as to advance to a higher skill/wage level.
2) A variety of skill/wage levels is more flexible and predictable for the contractor, and can thus reduce the risk of losing money from costly machine work-stoppage. A $100/hr machine being idle for an hour can cost the contractor his entire profit margin, whereas low skilled workers can usually be put to use elsewhere.
The store is closed entirely.
but NOW you are eligible for BENEFITS!
WELCOME to reality.
NOT paying attention in math classes has results.
If you’ve ever worked in a restaurant you know that things can get pretty hectic around lunch and dinner time. Sometimes when you get very busy all of a sudden, it’s all hands on deck and everybody on shift is needed. Now maybe business is going to be slower because they’ve had to raise prices but it sounds like some businesses are trying to minimize price hikes by cutting staff instead. That problem with that is that it will effect customer service and wait times.