Read on Twitter
Lemme illustrate the fallacy of "minimum wage increases makes costs go up too much" for you the only way I know how, using a universally understood metric:
The Taco Bell soft taco
The Taco Bell soft taco
HISTORY TIME
Here's a picture of the Taco Bell of the original Taco Bell menu from 1965, showing that the original price of a taco was 19 cents
For transparency, I'm unsure if that's for hard or soft shelled tacos, but I prefer soft so we're just gonna go with it for now
Here's a picture of the Taco Bell of the original Taco Bell menu from 1965, showing that the original price of a taco was 19 cents
For transparency, I'm unsure if that's for hard or soft shelled tacos, but I prefer soft so we're just gonna go with it for now
HISTORY PART 2
On September 3, 1965, the federal minimum wage was increased to $1.25 an hour. The was for all workers, as the split of farm vs non-farm wages hadn't happened, and neither did the "exempt" jobs that also relied on tips, like waiters and such
On September 3, 1965, the federal minimum wage was increased to $1.25 an hour. The was for all workers, as the split of farm vs non-farm wages hadn't happened, and neither did the "exempt" jobs that also relied on tips, like waiters and such
Time for the Present, where everything is
terrible
The federal minimum wage is now $7.25/hour and according to their website, Taco Bell's soft shelled taco is $1.29.
Worth noting, the federal minimum wage hasn't been increased since 2009. Not true for taco price
terribleThe federal minimum wage is now $7.25/hour and according to their website, Taco Bell's soft shelled taco is $1.29.
Worth noting, the federal minimum wage hasn't been increased since 2009. Not true for taco price
MATH TIME 
Since 1965, the price of tacos went from $0.19 to $1.29 now, an increase of around 679%
The federal minimum wage has gone from $1.25/hour to $7.25/hour, an increase of 580%
hmmm... i thought minimum wage made prices go up
Let's put this another way
In 1965, a worker on minimum wage could buy 6.58 soft shelled tacos per hour
In 2021, the tacos per hour for labor is 5.62
workers are being shorted a whole ass taco now
In 1965, a worker on minimum wage could buy 6.58 soft shelled tacos per hour
In 2021, the tacos per hour for labor is 5.62
workers are being shorted a whole ass taco now
"but maybe Taco Bell's costs have gone up and that's why the price increased!"
that's not an argument for why minimum wage shouldn't be increased, but fine I'll indulge you, because that's wrong, so here ya go
that's not an argument for why minimum wage shouldn't be increased, but fine I'll indulge you, because that's wrong, so here ya go
Pictured is the profit that Yum Brands, Taco Bell's parent company. This includes many other restaurant chains, but it'll do for now. This goes back to 2008, right before the last federal minimum wage increase and look at that, profit results are up.
https://ycharts.com/companies/YUM/gross_profit_margin
https://ycharts.com/companies/YUM/gross_profit_margin
Now all of this also ignores other important economic factors, like cost of homes and rent increases, cost of college education, cost of utilities, addition of cell phone & internet as a necessity and their rising costs, etc.
all of this impacts minimum wage workers HARD
all of this impacts minimum wage workers HARD
all of the above costs have *also* increased much higher than the rate of increase for minimum wage, and that's ignoring the BIGGEST cost increase: Health care
So, to summarize
The argument that "increasing the minimum wage will make everything more expensive" doesn't make any sense. Inflation happens without minimum wage increases. And if minimum wage doesn't go up, neither do other wages, but inflation happens anyway.
The argument that "increasing the minimum wage will make everything more expensive" doesn't make any sense. Inflation happens without minimum wage increases. And if minimum wage doesn't go up, neither do other wages, but inflation happens anyway.
And then nobody can really afford anything at all anyway and the economy gets fucked regardless.
Also, if your business, especially multinational ones with ever-growing profit margins, goes out of business because workers suddenly have to be paid more:
GOOD
Also, if your business, especially multinational ones with ever-growing profit margins, goes out of business because workers suddenly have to be paid more:
GOOD
Blanket statements are generally a bad thing, but from one taco lover to another I will end with this
Fuck every single person who is against a $15 an hour minimum wage. Fuck every. single. last. one of you.
Fuck every single person who is against a $15 an hour minimum wage. Fuck every. single. last. one of you.
