May 18
I'll stick this all here so as not to polute the shoutbox -
@Box & Vince. Perhaps you don't know but inflation happened all over the world. not just NY, calc.
Here from forbes
https://www.forbes.com/sites/errolschweizer/2022/05/10/how-windfall-profits-have-supercharged-food-inflation/?sh=3b43b5966672
forbes the famously pro worker, anti business periodical (thats sarcasm btw) look at figure A
Vince you spoke about mcdonalds. Look at their profits
https://www.macrotrends.net/stocks/charts/MCD/mcdonalds/gross-profit 2020 (down due to covid) but 21,22,23 really shot up. Now if they rose the prices to cover their increased costs of wages then
profits would of stayed about the same.
There are so many articles about it. In short basically everyone agrees it was just companies using other excuses (covid/war) to make windfall profits. Some countries have even done a windfall tax
also you might wanna check the they doubled the NY mimimum wage statement, everyones memory is valiable
https://dol.ny.gov/history-minimum-wage-new-york-state
(bit busy atm) I'll return
@Box & Vince. Perhaps you don't know but inflation happened all over the world. not just NY, calc.
Here from forbes
https://www.forbes.com/sites/errolschweizer/2022/05/10/how-windfall-profits-have-supercharged-food-inflation/?sh=3b43b5966672
forbes the famously pro worker, anti business periodical (thats sarcasm btw) look at figure A
Vince you spoke about mcdonalds. Look at their profits
https://www.macrotrends.net/stocks/charts/MCD/mcdonalds/gross-profit 2020 (down due to covid) but 21,22,23 really shot up. Now if they rose the prices to cover their increased costs of wages then
profits would of stayed about the same.
There are so many articles about it. In short basically everyone agrees it was just companies using other excuses (covid/war) to make windfall profits. Some countries have even done a windfall tax
also you might wanna check the they doubled the NY mimimum wage statement, everyones memory is valiable
https://dol.ny.gov/history-minimum-wage-new-york-state
(bit busy atm) I'll return
as you can see here, what caused inflation
the corporate profits jumped from 11.4% to 53.9% in the 18 months compared to the past 40 years
yet wages share decreased from 61.8% to 7.9%
in short the recent inflation happened due to companies saw it as the perfect oportunity to raise prices and go "Oh we wanted to keep them low but covid etc made us increase the prices our hands were tied sorry" but the data doesnt show this, they were just profitting
eg as vinnie saiz mcdonalds, you can see slow growth from 2011 -> 2019 (then covid) and then bang! profits took off (in red). Now if this was due to them paying their workers more then this wouldn't happen, you may see it more in revenue.
McDonald's Annual Gross Profit(Millions of US $)
2023 $14,563
2022 $13,207
2021 $12,580
2020 $9,752 <- covid hence the drop
2019 $11,179
2018 $10,833
2017 $10,621
2016 $10,205
2015 $9,789
2014 $10,456
2013 $10,903
2012 $10,816
2011 $10,687
Basically look at most companies they tell a similar story over the last few years
A lot of western governments impossed windfall taxes on the companies cause they knew what they were doing. Though the US governemtn didn't fuck Biden.
Now Companies think they can just keep on doing this, raise the prices and the ppl will pay and not complain, like the good little sheep they are.