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Originally Posted by Sailor Steve
And how high do you think it should be? $10? $20? How much to think their prices should go up to cover that cost? Should a Big Mac be $10? Have you even thought about this, or are you just buying into what people tell you?
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I don't know, and to be honest, don't care about the minimum wage issue. But I do know that when a company is paying its workers above minimum wage for a "basic" job that anyone can do, the fact that its employees need welfare should not be blamed on the company.
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Corporate America is rolling in money, but they're many signs the good times could be coming to an end again. Corporations have cut wages, benefits, about everything to increase profits, but because of that, Americans can't buy their goods like before. Eventually this tactic will backfire in a big way.
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I had to hurry to China a week ago because of a family emergency. However, from what I see, your mentality has to change. America is NO LONGER the market where many brands are pushing their product the hardest.
From my personal experience, prices in America are the lowest I can find, at the big department stores like Macys and JC Penny, you find that the famous brands are selling for much cheaper compared to major department stores in Europe and Asia. The same brands are much more expensive on the London high street. But compared to prices in Shanghai, Harrods looks cheap!
I was in China for a week, and during the time, my dad's friend (a huge importer) said that the margins for the major brands in Asia is MUCH higher than in the US. 1 sale in Asia makes the same profit as 5 sales in America. But Asians like American brands, thus for many of them, they would much rather focus on Asia than the US.
I would actually say, decimated sales in the US matters less than the increased cost for many of these brands.