Minimum wage increases unworkable from economic standpoint: Ed Rensi
Former McDonald’s USA CEO Ed Rensi argues the 2020 Democratic candidates’ proposed minimum wage increases would be damaging to small businesses and will result in higher prices for consumers. He also discusses decreasing SNAP participation and plant-based fast food trends.
Since the bill was passed on June 25, 1938, under President Franklin D.Roosevelt, the minimum wage, coming under the Fair Labour Standards Act, has been a regular bone of contention for politicians, unions and the general population alike.
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Each state has interpreted what a minimum wage is differently. This can be driven by politics as well as and the cost of living, but not necessarily by inflation.