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More commentary regarding restaurant price jumps - inflation
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b0ndsj0ns Offline
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Post: #21
RE: More commentary regarding restaurant price jumps - inflation
(03-11-2024 10:35 AM)Eagleaidaholic Wrote:  Think about the poor bastard that has worked at the job for 3-4 years after starting on fries and sending the trash out to the dumpster and has worked his/her way up to Asst. Manager making $17/hr and then having to see the new guy that just got hired that comes in smelling like weed everyday making the same as you on day one. Brilliant.

So if you raise the starting wage to 17/hr you'd keep that Asst. Manager's wage the same? Yeah they would be right to be pretty mad in that case, and they'll leave that position since they could take an entry level position and make the same rate. If you raise the starting salary that will push up the salaries for those above the starting level, or you won't be able to fill those roles at all. Supply and demand should work the same for the price of labor as it does for the pricing of any other good or service in the market, but the second that starts happening and people at the low end of the job market say "I'm not doing that job for that garbage amount" I have to hear all the experts in "economics" on CNBC and Fox Business scream that "no one wants to work." No, people want to work, they just are demanding a higher price for their labor than you want to offer. So you either pay more for labor or deal with a shortage. Does that impact prices other places? Sure, but it's not like if we all just agreed to make less money companies would willingly drop their prices. They'll raise them until it starts costing them money, AKA finding price equilibrium.
03-12-2024 09:54 AM
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Eldonabe Offline
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Post: #22
RE: More commentary regarding restaurant price jumps - inflation
(03-12-2024 09:54 AM)b0ndsj0ns Wrote:  
(03-11-2024 10:35 AM)Eagleaidaholic Wrote:  Think about the poor bastard that has worked at the job for 3-4 years after starting on fries and sending the trash out to the dumpster and has worked his/her way up to Asst. Manager making $17/hr and then having to see the new guy that just got hired that comes in smelling like weed everyday making the same as you on day one. Brilliant.

So if you raise the starting wage to 17/hr you'd keep that Asst. Manager's wage the same? Yeah they would be right to be pretty mad in that case, and they'll leave that position since they could take an entry level position and make the same rate. If you raise the starting salary that will push up the salaries for those above the starting level, or you won't be able to fill those roles at all. Supply and demand should work the same for the price of labor as it does for the pricing of any other good or service in the market, but the second that starts happening and people at the low end of the job market say "I'm not doing that job for that garbage amount" I have to hear all the experts in "economics" on CNBC and Fox Business scream that "no one wants to work." No, people want to work, they just are demanding a higher price for their labor than you want to offer. So you either pay more for labor or deal with a shortage. Does that impact prices other places? Sure, but it's not like if we all just agreed to make less money companies would willingly drop their prices. They'll raise them until it starts costing them money, AKA finding price equilibrium.



Yup ... then, repeat after me

Do you want fries with that? OK, that'll be an extra $8.50. Oh I am sorry, you want the large fries? That will be an extra $12.50 then.
(This post was last modified: 03-12-2024 12:29 PM by Eldonabe.)
03-12-2024 12:28 PM
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BartlettTigerFan Offline
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Post: #23
RE: More commentary regarding restaurant price jumps - inflation
(03-12-2024 12:28 PM)Eldonabe Wrote:  
(03-12-2024 09:54 AM)b0ndsj0ns Wrote:  
(03-11-2024 10:35 AM)Eagleaidaholic Wrote:  Think about the poor bastard that has worked at the job for 3-4 years after starting on fries and sending the trash out to the dumpster and has worked his/her way up to Asst. Manager making $17/hr and then having to see the new guy that just got hired that comes in smelling like weed everyday making the same as you on day one. Brilliant.

So if you raise the starting wage to 17/hr you'd keep that Asst. Manager's wage the same? Yeah they would be right to be pretty mad in that case, and they'll leave that position since they could take an entry level position and make the same rate. If you raise the starting salary that will push up the salaries for those above the starting level, or you won't be able to fill those roles at all. Supply and demand should work the same for the price of labor as it does for the pricing of any other good or service in the market, but the second that starts happening and people at the low end of the job market say "I'm not doing that job for that garbage amount" I have to hear all the experts in "economics" on CNBC and Fox Business scream that "no one wants to work." No, people want to work, they just are demanding a higher price for their labor than you want to offer. So you either pay more for labor or deal with a shortage. Does that impact prices other places? Sure, but it's not like if we all just agreed to make less money companies would willingly drop their prices. They'll raise them until it starts costing them money, AKA finding price equilibrium.



Yup ... then, repeat after me

Do you want fries with that? OK, that'll be an extra $8.50. Oh I am sorry, you want the large fries? That will be an extra $12.50 then.

So raise the starting wage to $27/hr. What is wrong with all you non libtards?
03-12-2024 01:32 PM
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Eagleaidaholic Offline
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Post: #24
RE: More commentary regarding restaurant price jumps - inflation
(03-12-2024 09:54 AM)b0ndsj0ns Wrote:  
(03-11-2024 10:35 AM)Eagleaidaholic Wrote:  Think about the poor bastard that has worked at the job for 3-4 years after starting on fries and sending the trash out to the dumpster and has worked his/her way up to Asst. Manager making $17/hr and then having to see the new guy that just got hired that comes in smelling like weed everyday making the same as you on day one. Brilliant.

So if you raise the starting wage to 17/hr you'd keep that Asst. Manager's wage the same? Yeah they would be right to be pretty mad in that case, and they'll leave that position since they could take an entry level position and make the same rate. If you raise the starting salary that will push up the salaries for those above the starting level, or you won't be able to fill those roles at all. Supply and demand should work the same for the price of labor as it does for the pricing of any other good or service in the market, but the second that starts happening and people at the low end of the job market say "I'm not doing that job for that garbage amount" I have to hear all the experts in "economics" on CNBC and Fox Business scream that "no one wants to work." No, people want to work, they just are demanding a higher price for their labor than you want to offer. So you either pay more for labor or deal with a shortage. Does that impact prices other places? Sure, but it's not like if we all just agreed to make less money companies would willingly drop their prices. They'll raise them until it starts costing them money, AKA finding price equilibrium.

You obviously aren't very astute on how Marxism works. Everyone is equal.
03-12-2024 01:41 PM
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WKUYG Away
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Post: #25
RE: More commentary regarding restaurant price jumps - inflation
Once again this is where I point out we are talking about the "bottom" as the problem for inflation when in fact....

the millions upon millions of wasted work hours, basically stealing, $25, $30, $40 an hour for half of the day is the real reason across the board prices go up. If some how you believe just because you are working in a office and you are wasting half that day jerking off, or watching a youtube video, or on twitter, Facebook, or message boards it doesn't reflect on prices...

you are damn idiot!

I would pit that fast food worker earning more of their wage than those of you "working" while you waste half the day basically jerking off doing something else.

Both have a reflection on prices across everything we pay for

Personally I put more value in the person handling my food than I do those entering information into a a PC. Hell there is not one of us that hasn't had to deal with the problems where some jackoff made mistakes, probably while "working" while surfing the internet.

I see those type of people have moved on from the "blue collar" worker being paid too much that we use to blame for high cost 25 to 30 years ago. Now they moved down to the fast food service. It sure beats looking at our own self being a lazy fuuck

If you are not one of those that disappear at 3:30 to 5pm only to reappear the morning. I'm not talking about you.
(This post was last modified: 03-12-2024 02:59 PM by WKUYG.)
03-12-2024 01:59 PM
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Eldonabe Offline
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Post: #26
RE: More commentary regarding restaurant price jumps - inflation
(03-12-2024 01:32 PM)BartlettTigerFan Wrote:  
(03-12-2024 12:28 PM)Eldonabe Wrote:  
(03-12-2024 09:54 AM)b0ndsj0ns Wrote:  
(03-11-2024 10:35 AM)Eagleaidaholic Wrote:  Think about the poor bastard that has worked at the job for 3-4 years after starting on fries and sending the trash out to the dumpster and has worked his/her way up to Asst. Manager making $17/hr and then having to see the new guy that just got hired that comes in smelling like weed everyday making the same as you on day one. Brilliant.

So if you raise the starting wage to 17/hr you'd keep that Asst. Manager's wage the same? Yeah they would be right to be pretty mad in that case, and they'll leave that position since they could take an entry level position and make the same rate. If you raise the starting salary that will push up the salaries for those above the starting level, or you won't be able to fill those roles at all. Supply and demand should work the same for the price of labor as it does for the pricing of any other good or service in the market, but the second that starts happening and people at the low end of the job market say "I'm not doing that job for that garbage amount" I have to hear all the experts in "economics" on CNBC and Fox Business scream that "no one wants to work." No, people want to work, they just are demanding a higher price for their labor than you want to offer. So you either pay more for labor or deal with a shortage. Does that impact prices other places? Sure, but it's not like if we all just agreed to make less money companies would willingly drop their prices. They'll raise them until it starts costing them money, AKA finding price equilibrium.



Yup ... then, repeat after me

Do you want fries with that? OK, that'll be an extra $8.50. Oh I am sorry, you want the large fries? That will be an extra $12.50 then.

So raise the starting wage to $27/hr. What is wrong with all you non libtards?

Oh well, then let me revise my "Repeat After me"....

Do you want fries with that? OK, that'll be an extra $18.50. Oh I am sorry, you want the large fries? That will be an extra $24.50 then.
03-12-2024 02:04 PM
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WKUYG Away
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Post: #27
RE: More commentary regarding restaurant price jumps - inflation
There's a reason people hate or are refusing to go back to a office and rather sit around rubbing their ball in their boxers all day....

those people will say they get more done working at home. I say bullshite on that and there's a study that says 20% less productive. Here we are worried about a hamburger going up a dollar or two.

Is anyone going to tell me what the cost is for the stolen hours from those on the next two rungs of the ladder? The guy flipping the burger is making about $5 more than they were 3 years ago. It's not because of minimum wage increases or so government rules. It's because those jobs could not be filled unless the wage went up.

How much cost is added to everything other than that burger by those who are spending 30% to 40% of their working hours doing something else? Anyone want to take a shot at it before I give those numbers. Before you say not everyone can do my job while anyone can flip a burger. 70% of you learned on the job how to do your job

Acting like politicians who want you to look over there at something that really isn't important and fight about it. While the larger problem and its not even close in lost dollars is taking place right in the mirror.

We boomers did a lot of shite wrong but the one thing we didn't do as a whole....

steal 30 to 40% of the work day from those paying us then try to blame everyone else but us because prices are so high when labor eats up most of that cost.
03-12-2024 08:53 PM
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200yrs2late Offline
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Post: #28
More commentary regarding restaurant price jumps - inflation
Paid $42 for two slices of pizza, a salad, kids chicken fingers, and two sweet teas tonight.



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03-12-2024 08:59 PM
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WKUYG Away
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Post: #29
RE: More commentary regarding restaurant price jumps - inflation
(03-12-2024 08:59 PM)200yrs2late Wrote:  Paid $42 for two slices of pizza, a salad, kids chicken fingers, and two sweet teas tonight.



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No one forced you to pay that, right? You could have went somewhere else and got a whole pizza, salad for all chicken fingers with drink a lot cheaper?

As a matter of fact you could have went to Texas roadhouse and got a full meal for two adults and 2 kids meals for $40. I'm not a big eater or a picky eater and the Texas roadhouse chicken fried steak with bake potato and chili all for I believe under $15. It's actually enough for me and my wife....plus unlimited butter rolls.


btw any of you see any MCD or major burger chains with a pad lock on their door in any large numbers? All that increase is not labor cost they are still making pretty profit. If not you would see them being sold more often

Also this $20 an hour thing is in Cali. maybe NY but once you get out of those states you are seeing a fast food wage driven by a lack of work force willing to do those jobs. If the $20 an hour bothers you....

stay the hell of of Calif.

It's not like wages are close to that in Middle America

But look over there, go ahead, I'm telling you its the problem. Please just don't look at what my goofing off is costing you.
(This post was last modified: 03-12-2024 09:18 PM by WKUYG.)
03-12-2024 09:07 PM
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200yrs2late Offline
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Post: #30
RE: More commentary regarding restaurant price jumps - inflation
(03-12-2024 09:07 PM)WKUYG Wrote:  
(03-12-2024 08:59 PM)200yrs2late Wrote:  Paid $42 for two slices of pizza, a salad, kids chicken fingers, and two sweet teas tonight.



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No one forced you to pay that, right? You could have went somewhere else and got a whole pizza, salad for all chicken fingers with drink a lot cheaper?

As a matter of fact you could have went to Texas roadhouse and got a full meal for two adults and 2 kids meals for $40. I'm not a big eater or a picky eater and the Texas roadhouse chicken fried steak with bake potato and chili all for I believe under $15. It's actually enough for me and my wife....plus unlimited butter rolls.


btw any of you see any MCD or major burger chains with a pad lock on their door in any large numbers? All that increase is not labor cost they are still making pretty profit. If not you would see them being sold more often

Also this $20 an hour thing is in Cali. maybe NY but once you get out of those states you are seeing a fast food wage driven by a lack of work force willing to do those jobs. If the $20 an hour bothers you....

stay the hell of of Calif.

It's not like wages are close to that in Middle America

But look over there, go ahead, I'm telling you its the problem. Please just don't look at what my goofing off is costing you.
Nobody at all forced me. Mrs. 200 didn't feel like cooking so I took her to town and we went to one of her favorite places. It's a mom and pop that been open for 25+ years and that's saying something in my small town. Her and the kids will eat a second meal off of it for lunch today.



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03-13-2024 05:28 AM
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BartlettTigerFan Offline
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Post: #31
RE: More commentary regarding restaurant price jumps - inflation
My solution is simple.

I don't eat out.
03-13-2024 05:59 AM
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Eldonabe Offline
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Post: #32
RE: More commentary regarding restaurant price jumps - inflation
(03-12-2024 08:53 PM)WKUYG Wrote:  There's a reason people hate or are refusing to go back to a office and rather sit around rubbing their ball in their boxers all day....

those people will say they get more done working at home. I say bullshite on that and there's a study that says 20% less productive. Here we are worried about a hamburger going up a dollar or two.

I believe I was talking about French Fries? 03-lmfao
03-13-2024 07:11 AM
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BartlettTigerFan Offline
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Post: #33
RE: More commentary regarding restaurant price jumps - inflation
(03-12-2024 08:53 PM)WKUYG Wrote:  There's a reason people hate or are refusing to go back to a office and rather sit around rubbing their ball in their boxers all day....

those people will say they get more done working at home. I say bullshite on that and there's a study that says 20% less productive. Here we are worried about a hamburger going up a dollar or two.

I work from home. I've been working from home for something like 15 years.

A couple of times a year my boss (and his boss) and myself work up an MBO* for me (and the rest of the staff). It's typically very aggressive. I meet my objectives or I get no bonus and/or raise. I suspect if I failed badly enough I might not keep my job.

I've never not met my objectives.

Do I fart around sometimes? Sure I do. I spend too much time on this forum sometimes. I diddle around too much in the yard sometimes. I find all kinds of stuff to do that isn't work related sometimes.

But here's the thing. As long as I meet my objectives, no one at my company cares if I fk around. Because when push comes to shove, I will work whatever amount of time I need to. Nights, weekends, holidays. The Holy MBO is all that matters.

So save me your indignation about people that work from home.


* Management by Objectives
03-13-2024 07:45 AM
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b0ndsj0ns Offline
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Post: #34
RE: More commentary regarding restaurant price jumps - inflation
(03-12-2024 12:28 PM)Eldonabe Wrote:  
(03-12-2024 09:54 AM)b0ndsj0ns Wrote:  
(03-11-2024 10:35 AM)Eagleaidaholic Wrote:  Think about the poor bastard that has worked at the job for 3-4 years after starting on fries and sending the trash out to the dumpster and has worked his/her way up to Asst. Manager making $17/hr and then having to see the new guy that just got hired that comes in smelling like weed everyday making the same as you on day one. Brilliant.

So if you raise the starting wage to 17/hr you'd keep that Asst. Manager's wage the same? Yeah they would be right to be pretty mad in that case, and they'll leave that position since they could take an entry level position and make the same rate. If you raise the starting salary that will push up the salaries for those above the starting level, or you won't be able to fill those roles at all. Supply and demand should work the same for the price of labor as it does for the pricing of any other good or service in the market, but the second that starts happening and people at the low end of the job market say "I'm not doing that job for that garbage amount" I have to hear all the experts in "economics" on CNBC and Fox Business scream that "no one wants to work." No, people want to work, they just are demanding a higher price for their labor than you want to offer. So you either pay more for labor or deal with a shortage. Does that impact prices other places? Sure, but it's not like if we all just agreed to make less money companies would willingly drop their prices. They'll raise them until it starts costing them money, AKA finding price equilibrium.



Yup ... then, repeat after me

Do you want fries with that? OK, that'll be an extra $8.50. Oh I am sorry, you want the large fries? That will be an extra $12.50 then.

You think if we all just agreed as a society that we were going to say "sorry fast food workers you are back to making federal minimum wage" those companies would just lower their prices back to where they were 5 years ago? The answer is not just no it's hell no. It might would lower overall inflation (and might is doing a lot of the work here), but it wouldn't bring prices back to where they were it would just massively instantly increase those companies profit margins. Maybe over time they'd have to slowly bring prices down if demand decreased enough, but by charging so much they don't have to have as much volume to make as much profit and they might see they have a higher profit margin pricing people out of the food.
(This post was last modified: 03-13-2024 08:35 AM by b0ndsj0ns.)
03-13-2024 08:35 AM
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Eldonabe Offline
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Post: #35
RE: More commentary regarding restaurant price jumps - inflation
(03-13-2024 08:35 AM)b0ndsj0ns Wrote:  
(03-12-2024 12:28 PM)Eldonabe Wrote:  
(03-12-2024 09:54 AM)b0ndsj0ns Wrote:  
(03-11-2024 10:35 AM)Eagleaidaholic Wrote:  Think about the poor bastard that has worked at the job for 3-4 years after starting on fries and sending the trash out to the dumpster and has worked his/her way up to Asst. Manager making $17/hr and then having to see the new guy that just got hired that comes in smelling like weed everyday making the same as you on day one. Brilliant.

So if you raise the starting wage to 17/hr you'd keep that Asst. Manager's wage the same? Yeah they would be right to be pretty mad in that case, and they'll leave that position since they could take an entry level position and make the same rate. If you raise the starting salary that will push up the salaries for those above the starting level, or you won't be able to fill those roles at all. Supply and demand should work the same for the price of labor as it does for the pricing of any other good or service in the market, but the second that starts happening and people at the low end of the job market say "I'm not doing that job for that garbage amount" I have to hear all the experts in "economics" on CNBC and Fox Business scream that "no one wants to work." No, people want to work, they just are demanding a higher price for their labor than you want to offer. So you either pay more for labor or deal with a shortage. Does that impact prices other places? Sure, but it's not like if we all just agreed to make less money companies would willingly drop their prices. They'll raise them until it starts costing them money, AKA finding price equilibrium.



Yup ... then, repeat after me

Do you want fries with that? OK, that'll be an extra $8.50. Oh I am sorry, you want the large fries? That will be an extra $12.50 then.

You think if we all just agreed as a society that we were going to say "sorry fast food workers you are back to making federal minimum wage" those companies would just lower their prices back to where they were 5 years ago? The answer is not just no it's hell no. It might would lower overall inflation (and might is doing a lot of the work here), but it wouldn't bring prices back to where they were it would just massively instantly increase those companies profit margins. Maybe over time they'd have to slowly bring prices down if demand decreased enough, but by charging so much they don't have to have as much volume to make as much profit and they might see they have a higher profit margin pricing people out of the food.


You were not much of an economics student were you?
03-13-2024 12:31 PM
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bobdizole Offline
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Post: #36
RE: More commentary regarding restaurant price jumps - inflation
(03-13-2024 07:45 AM)BartlettTigerFan Wrote:  
(03-12-2024 08:53 PM)WKUYG Wrote:  There's a reason people hate or are refusing to go back to a office and rather sit around rubbing their ball in their boxers all day....

those people will say they get more done working at home. I say bullshite on that and there's a study that says 20% less productive. Here we are worried about a hamburger going up a dollar or two.

I work from home. I've been working from home for something like 15 years.

A couple of times a year my boss (and his boss) and myself work up an MBO* for me (and the rest of the staff). It's typically very aggressive. I meet my objectives or I get no bonus and/or raise. I suspect if I failed badly enough I might not keep my job.

I've never not met my objectives.

Do I fart around sometimes? Sure I do. I spend too much time on this forum sometimes. I diddle around too much in the yard sometimes. I find all kinds of stuff to do that isn't work related sometimes.

But here's the thing. As long as I meet my objectives, no one at my company cares if I fk around. Because when push comes to shove, I will work whatever amount of time I need to. Nights, weekends, holidays. The Holy MBO is all that matters.

So save me your indignation about people that work from home.


* Management by Objectives

Objective based performance metrics are lost on many people. Not all jobs are based on units per hour anymore. As long as my projects are completed in the time frame and conditions as agreed upon in the scope of work contract with our customers, it doesn't matter how much I work in any given day. Pretty outside and the kids are out of school? I'm going to take the afternoon off to go to the park and I'll work this weekend when it's supposed to be thunderstorming.
03-13-2024 12:40 PM
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Post: #37
RE: More commentary regarding restaurant price jumps - inflation
(03-12-2024 01:59 PM)WKUYG Wrote:  ...the millions upon millions of wasted work hours, basically stealing, $25, $30, $40 an hour for half of the day is the real reason across the board prices go up. If some how you believe just because you are working in a office and you are wasting half that day jerking off, or watching a youtube video, or on twitter, Facebook, or message boards it doesn't reflect on prices...

I'm in a unique position where I work as an RN at the hospital for 24 hrs/wk, and I work as a mechanical engineer in an office for 16 hrs/wk.

0% chance I have the time to make this post when I'm on the unit floor.
Guess where I'm working today?

I also make less money as an RN than an engineer, but I love it way more. It's harder, more dynamic, but also fun as hell.
Half my day as an engineer is surfing the internet and getting paid for it.
(This post was last modified: 03-13-2024 12:52 PM by smudge12.)
03-13-2024 12:47 PM
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BartlettTigerFan Offline
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Post: #38
RE: More commentary regarding restaurant price jumps - inflation
(03-13-2024 12:40 PM)bobdizole Wrote:  Objective based performance metrics are lost on many people. Not all jobs are based on units per hour anymore. As long as my projects are completed in the time frame and conditions as agreed upon in the scope of work contract with our customers, it doesn't matter how much I work in any given day. Pretty outside and the kids are out of school? I'm going to take the afternoon off to go to the park and I'll work this weekend when it's supposed to be thunderstorming.

Exactly
03-13-2024 12:55 PM
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b0ndsj0ns Offline
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Post: #39
RE: More commentary regarding restaurant price jumps - inflation
(03-13-2024 12:31 PM)Eldonabe Wrote:  
(03-13-2024 08:35 AM)b0ndsj0ns Wrote:  
(03-12-2024 12:28 PM)Eldonabe Wrote:  
(03-12-2024 09:54 AM)b0ndsj0ns Wrote:  
(03-11-2024 10:35 AM)Eagleaidaholic Wrote:  Think about the poor bastard that has worked at the job for 3-4 years after starting on fries and sending the trash out to the dumpster and has worked his/her way up to Asst. Manager making $17/hr and then having to see the new guy that just got hired that comes in smelling like weed everyday making the same as you on day one. Brilliant.

So if you raise the starting wage to 17/hr you'd keep that Asst. Manager's wage the same? Yeah they would be right to be pretty mad in that case, and they'll leave that position since they could take an entry level position and make the same rate. If you raise the starting salary that will push up the salaries for those above the starting level, or you won't be able to fill those roles at all. Supply and demand should work the same for the price of labor as it does for the pricing of any other good or service in the market, but the second that starts happening and people at the low end of the job market say "I'm not doing that job for that garbage amount" I have to hear all the experts in "economics" on CNBC and Fox Business scream that "no one wants to work." No, people want to work, they just are demanding a higher price for their labor than you want to offer. So you either pay more for labor or deal with a shortage. Does that impact prices other places? Sure, but it's not like if we all just agreed to make less money companies would willingly drop their prices. They'll raise them until it starts costing them money, AKA finding price equilibrium.



Yup ... then, repeat after me

Do you want fries with that? OK, that'll be an extra $8.50. Oh I am sorry, you want the large fries? That will be an extra $12.50 then.

You think if we all just agreed as a society that we were going to say "sorry fast food workers you are back to making federal minimum wage" those companies would just lower their prices back to where they were 5 years ago? The answer is not just no it's hell no. It might would lower overall inflation (and might is doing a lot of the work here), but it wouldn't bring prices back to where they were it would just massively instantly increase those companies profit margins. Maybe over time they'd have to slowly bring prices down if demand decreased enough, but by charging so much they don't have to have as much volume to make as much profit and they might see they have a higher profit margin pricing people out of the food.


You were not much of an economics student were you?

Feel free to tell me in detail where I'm wrong professor.
03-13-2024 01:01 PM
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Eldonabe Offline
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Post: #40
RE: More commentary regarding restaurant price jumps - inflation
(03-13-2024 01:01 PM)b0ndsj0ns Wrote:  
(03-13-2024 12:31 PM)Eldonabe Wrote:  
(03-13-2024 08:35 AM)b0ndsj0ns Wrote:  
(03-12-2024 12:28 PM)Eldonabe Wrote:  
(03-12-2024 09:54 AM)b0ndsj0ns Wrote:  So if you raise the starting wage to 17/hr you'd keep that Asst. Manager's wage the same? Yeah they would be right to be pretty mad in that case, and they'll leave that position since they could take an entry level position and make the same rate. If you raise the starting salary that will push up the salaries for those above the starting level, or you won't be able to fill those roles at all. Supply and demand should work the same for the price of labor as it does for the pricing of any other good or service in the market, but the second that starts happening and people at the low end of the job market say "I'm not doing that job for that garbage amount" I have to hear all the experts in "economics" on CNBC and Fox Business scream that "no one wants to work." No, people want to work, they just are demanding a higher price for their labor than you want to offer. So you either pay more for labor or deal with a shortage. Does that impact prices other places? Sure, but it's not like if we all just agreed to make less money companies would willingly drop their prices. They'll raise them until it starts costing them money, AKA finding price equilibrium.



Yup ... then, repeat after me

Do you want fries with that? OK, that'll be an extra $8.50. Oh I am sorry, you want the large fries? That will be an extra $12.50 then.

You think if we all just agreed as a society that we were going to say "sorry fast food workers you are back to making federal minimum wage" those companies would just lower their prices back to where they were 5 years ago? The answer is not just no it's hell no. It might would lower overall inflation (and might is doing a lot of the work here), but it wouldn't bring prices back to where they were it would just massively instantly increase those companies profit margins. Maybe over time they'd have to slowly bring prices down if demand decreased enough, but by charging so much they don't have to have as much volume to make as much profit and they might see they have a higher profit margin pricing people out of the food.


You were not much of an economics student were you?

Feel free to tell me in detail where I'm wrong professor.

Cause and effect.... You have the second part, but forgot about the first part.

Keep it simple - we will use Gas prices



When oil prices go up, you see prices at the pump go up instantly. When Oil prices drop, pump prices are very slow to drop and there is never a direct correlation correlation.

Barrel of oil starts at $50.00 Price at Pump $2.00
Barrel of oil increases to $100 - Price at pump goes up to $4.00

One would think that if the price of a barrel of Oil goes back to $75, the pump price would get to $3.00.... Nope, never. It may drop to $3.30 but it will never go back in scale... never.

Similar move with Taxes.... once they are charged, even if the reason they charged X amount goes away, they will find a reason to keep the tax (and charge even more).

You got the second part right, you are missing the cause .... the cause (in this case overpaying for minimum wage work) should have never happened in the first place. The consequences will never reverse even if the cause does.
03-13-2024 01:30 PM
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