McDonald’s CEO promises ‘affordability’ amid backlash over $18 Big Mac combos, $6 hash browns

[Rock98Dog]

Here's all you need to know. If we tied the minimum wage to inflation starting in 1968, the minimum wage in 2024 would be $14.39/hr.

Actually, it would be $13.82, but being right isn’t your strength. In 1968 the minimum wage was $1.60. Average inflation has been 1.94%. Each 1968 dollar is now worth $8.64. So $8.64x1.6=$13.82.

On another note, the average household income in 1968 was $7,700, which would be $66,528. The average today is actually higher at $74,391.

In your low thought world you would interpret this to actually prove your point because you have no depth. The fact is that barely 50% of married women worked in 1968, but that number is now 67%. So on an apples to apples basis the average household income has not kept pace with inflation either.

As a bonus, here’s a chart that shows HH income peaked under the Great Orange Emperor and has done nothing but erode under the Bumbling Pedo.

Real Median Household Income in the United States

View the inflation-adjusted value of the 50th percentile of the U.S. income distribution, as estimated by the Census Bureau.

fred.stlouisfed.org

 

[mlblack16.]

Credit to Banker for posting this, the last time Greed got educated on this subject. It's worth reading again.

Do a little research and look at what’s called the Kaitz Index. It tracks the relationship between minimum wage and median wage. What you will find is that it has been fairly consistent that minimum wage is around 50% of median wage. In the late 70s minimum wage was $2.10 and median wage was $4.40. When the minimum was $6.00 the median was around $12. In 2021 minimum was $7.25 and median was $17.00, so you could argue for an $8.50 minimum.

Given this economic history, an increase to minimum to $15 implies median income would have to climb to $30-$32/hr to meet historic equilibrium. People who are working lower skilled jobs making $14/hr aren’t going to be happy making the same as a burger flipper. So to keep them you will need to pay them $18-$19. So then medium skilled positions won’t be happy making low skill wages…

This will raise prices on all goods and services produced meaning the purchasing power of dollars decrease and those minimum wage workers are no better off. They can still only afford the same stuff they could before.

In the 80s a Big Mac meal was $2.69, minimum wage was $3.35.

In the 90s a Big Mac meal was $4.59, minimum wage was $4.75.

In the 2020s a Big Mac meal is $7.89, minimum wage is $7.25.

You see a trend here? Given the above data, what is the expected Big Mac meal price if minimum wage is $15?

This again supports the Kaitz Index and the fact that minimum wage should probably by around $8.50, but not $15.

In grad school I was hired for a seasonal job at Circuit City during the break between Fall and Spring semesters. It was manual labor and extremely busy and Sony Vegas sold like hot cakes. Anyone who has had to lift one of those knows what I'm talking about.

After carrying those fvcking TV's around all morning on my first day, I drove to whatever was nearby for lunch which happened to be Wendy's.

It didn't take but that one time to realize I just ate a meal that was equivalent to one hour of back breaking labor. From that point forward, I packed my lunch. But most of the staff I worked with were full timers and that was essentially their career. They ate out every day.

Looking back, it's clear to see I was working with a bunch of Simps like Greed who were either too stupid or just refused to see the connection.

 

[i am herdman]

Actually, it would be $13.82, but being right isn’t your strength. In 1968 the minimum wage was $1.60. Average inflation has been 1.94%. Each 1968 dollar is now worth $8.64. So $8.64x1.6=$13.82.

On another note, the average household income in 1968 was $7,700, which would be $66,528. The average today is actually higher at $74,391.

In your low thought world you would interpret this to actually prove your point because you have no depth. The fact is that barely 50% of married women worked in 1968, but that number is now 67%. So on an apples to apples basis the average household income has not kept pace with inflation either.

As a bonus, here’s a chart that shows HH income peaked under the Great Orange Emperor and has done nothing but erode under the Bumbling Pedo.

Real Median Household Income in the United States

View the inflation-adjusted value of the 50th percentile of the U.S. income distribution, as estimated by the Census Bureau.

fred.stlouisfed.org

It would be interesting to see what the growth of the govt is in the last 50 to 70 years. That would included federal, state, and local. It has to be massive which has to have lead to increases in cost of living and in cases inflation to do to monetary influx by the govt. In addition, the govt has to feed itself and that means taking tax dollars. Not just income taxes, but every other kind of tax.

 

[extragreen]

Actually, it would be $13.82

The BLS inflation calculator says $14.39
Here's all you need to know. If we tied the minimum wage to inflation starting in 1968, the minimum wage in 2024 would be $14.39/hr.

 

[extragreen]

It would be interesting to see what the growth of the govt is in the last 50 to 70 years. That would included federal, state, and local. It has to be massive which has to have lead to increases in cost of living and in cases inflation to do to monetary influx by the govt. In addition, the govt has to feed itself and that means taking tax dollars. Not just income taxes, but every other kind of tax.

Federal employees less than in 90s. For state and local...

 

[Rock98Dog]

This shows federal and state employees increased from about 16 million in 1982 to about 22 million in 2022.

Total government employees U.S. 2022 | Statista

In 2022, around 19.23 million people were working for state and local governments in the United States.

www.statista.com

And while it’s true we have less federal employees than 1990 you have to understand that the department of defense has contracted by 300,000 jobs since 1990 while bureaucrats have expanded by almost the same number.

 

[WVUSerg]

Where in the hell is a hash brown six bucks?

Low-income customers making less than $45,000 per year have largely stopped ordering from McDonald’s, the fast-food giant’s chief executive Chris Kempczinski admitted Monday on an earnings call with Wall Street analysts.

A Big Mac, fries and drink has risen to nearly $18 at a handful of locations while hash browns are up to $6.

Why McDonald’s is charging $18 for a Big Mac meal — and why there’s no relief in sight

A Big Mac, fries and drink has risen to nearly $18 at a handful of locations while hash browns are up to $6.

nypost.com

 

[HerdandHokies]

This shows federal and state employees increased from about 16 million in 1982 to about 22 million in 2022.

Total government employees U.S. 2022 | Statista

In 2022, around 19.23 million people were working for state and local governments in the United States.

www.statista.com

And while it’s true we have less federal employees than 1990 you have to understand that the department of defense has contracted by 300,000 jobs since 1990 while bureaucrats have expanded by almost the same number.

So 38% more federal employees with 44% higher population.

Although as you said the move toward having contractors muddies the water.

 

[Rock98Dog]

So 38% more federal employees with 44% higher population.

Although as you said the move toward having contractors muddies the water.

Yes, with the amazing advances in technology where we went from no one having a computer on their desk and things like accounting still being done by writing amounts in a general ledger book, to having high speed computing at everyone’s fingertips, the federal government has still grown as fast as the US population. This, as much as anything, illustrates the horrid inefficiencies of government.

Kind of walked into that one.

 

[Rock98Dog]

Oh, and just as a contrast, at the end of 2009 Fifth Third Bank had $120B in assets and 21,000 employees. At the end of 2023 they had $220B in assets and 19,000 employees. That’s what technological advance is suppose to look like.

 

[herdfan06]

 

[Raoul Duke MU]

Low-income customers making less than $45,000 per year have largely stopped ordering from McDonald’s, the fast-food giant’s chief executive Chris Kempczinski admitted Monday on an earnings call with Wall Street analysts.

A Big Mac, fries and drink has risen to nearly $18 at a handful of locations while hash browns are up to $6.

Why McDonald’s is charging $18 for a Big Mac meal — and why there’s no relief in sight

A Big Mac, fries and drink has risen to nearly $18 at a handful of locations while hash browns are up to $6.

nypost.com

Followed the links, oddly hash browns wasn't on his receipt...so maybe he was smart enough to buy a $6 hash brown lol.

Also, I am 100% calling the McD's CEO either an idiot or a liar. Who the hell does he think stops at McD's out here in Bumfvck America? Maybe in NYC the poor don't eat there, but I've seen the cars in the drive through here lol.

 

[WVUSerg]

Followed the links, oddly hash browns wasn't on his receipt...so maybe he was smart enough to buy a $6 hash brown lol.

Also, I am 100% calling the McD's CEO either an idiot or a liar. Who the hell does he think stops at McD's out here in Bumfvck America? Maybe in NYC the poor don't eat there, but I've seen the cars in the drive through here lol.

 

[Raoul Duke MU]

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I'm doubting you, I said he was smart to not buy it.

 

[ThunderCat98]

I went to McD's today in rural SEKY. A chicken nugget happy meal and double cheeseburger set me back almost $10. Ridiculous. I remember when nearly almost all their adult meals cost $2.99. Also, wtf have they done to their ketchup. Granted, I don't really eat a lot of ketchup, but theirs tasted chlorinated or something. Shit was disgusting.

 

[HerdandHokies]

View embedded media

This is the shit I’m talking about. That’s not the price McDonald’s is charging. That’s the price that app is charging to have someone go pick up your hash brown and drive it to you.

 

[mlblack16.]

I went to McD's today in rural SEKY. A chicken nugget happy meal and double cheeseburger set me back almost $10. Ridiculous. I remember when nearly almost all their adult meals cost $2.99. Also, wtf have they done to their ketchup. Granted, I don't really eat a lot of ketchup, but theirs tasted chlorinated or something. Shit was disgusting.

The two cheeseburger and fries combo for $2.22 was the shizznit back in high school. I'll bet you @Raoul Duke MU knows what I'm talking about.

 

[Raoul Duke MU]

Also, wtf have they done to their ketchup. Granted, I don't really eat a lot of ketchup, but theirs tasted chlorinated or something. Shit was disgusting.

McD's ketchup has always been subpar.

Did you use a packet, or the big squirter inside? That shit goes rancid sometimes, and it's REALLY noticable when it does lol.

 

[Raoul Duke MU]

The two cheeseburger and fries combo for $2.22 was the shizznit back in high school. I'll bet you @Raoul Duke MU knows what I'm talking about.

I can't remember the price, but that is what I usually ordered back then too lol.

 

[mlblack16.]

or the big squirter inside?

Leave @extragreen 's old lady out of this.

 

[extragreen]

Leave @extragreen 's old lady out of this.

Stupid cons always obsessed with other peoples genitals.

 

[Raoul Duke MU]

Leave @extragreen 's old lady out of this.

I used that phrase just to see what reply it would get 🤔

 

[Raoul Duke MU]

This is the shit I’m talking about. That’s not the price McDonald’s is charging. That’s the price that app is charging to have someone go pick up your hash brown and drive it to you.

Good catch. I've never seen a delivery app like that (hell, I even go pick up pizza, no delivery for me ever), I wouldn't recognize it...but now I see it mentions delivery.

 

[ThunderCat98]

McD's ketchup has always been subpar.

Did you use a packet, or the big squirter inside? That shit goes rancid sometimes, and it's REALLY noticable when it does lol.

Packets.

 

[herdfan06]

Did you use a packet, or the big squirter inside?

 

[Raoul Duke MU]

Packets.

Well then that's what you get for going to McDonald's. Wendy's has Heinz.

 

[WV-FAN]

bicuit & gravy, sausage biscuit, and large ice coffee for like $7.50 at the local mcd's. not bad, and their biscuit & gravy is legit.

ordered a biscuit & gravy at a mcd's around annapolis on a crabbing trip one morning. ferner dude looked at me with deer in the headlights eyes. finally served me a biscuit with grape jelly, didn't know what gravy was.