In 2022 minimum wage hikes will gut punch small businesses and block career paths [FOX Business Network]
McDonald's Corporation (MCD)
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Source: FOX Business Network
Former McDonald's USA CEO Ed Rensi warns Americans are feeling the labor shortage 'big time' amid a confluence of events, calling it a 'nightmare.' While Americans rang in 2022, small businesses across the country braced for a gut punch to their budgets. Twenty-two states raised their respective minimum wages on January 1 and another three are scheduled to do the same later this year. Additionally, more than 50 cities and counties are jumping on the bandwagon. As a result, small businesses will be feeling the heat in 2022. And once the tight labor market loosens and the economy resets, employees will as well. PORTLAND RESTAURANT OWNER BLAMES DEMOCRATS FOR BUSINESS DOWNFALL The consequences of raising the minimum wage too much too quickly is well-documented. When businesses can't pass along heightened labor costs to price sensitive customers, the budget gap must be made up somehow. Reducing staff hours, cutting back on workers, and introducing more automation are common tactic
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MCD
Earnings
- 2/5/24 - Beat
MCD
Sec Filings
- 3/22/24 - Form 144
- 3/22/24 - Form 4
- 3/20/24 - Form PRE
- MCD's page on the SEC website