McDonald’s just reported a huge drop in quarterly profits, about 30%, and Fox News knows exactly what caused it: That big increase in the minimum wage that, you know, doesn’t fucking exist. Apparently on Planet Wingnuttia, cause and effect are reversed and the effect can exist without the cause existing. And of course, this is coming from the two dumbest men on television.
STEVE DOOCY: Meanwhile, McDonald’s, the Golden Arches, reporting a 30 percent drop in corporate profits.
BRIAN KILMEADE: Why? Well, it turns out workers’ wages might be to blame.
[…]BARTIROMO: Well, the issue really is, this is the implication of raising the minimum wage for certain companies. I mean, something’s got to give. The money comes from somewhere. At some point, a company will say, “OK, we have a higher expense rate because we are raising the minimum wage we’ve got to do something somewhere else.” In this case, they are going to automation. They are changing certain jobs to computers.
AINSLEY EARHARDT: So it’s really biting them in the tail. They were complaining, saying “we want more money,” and as a result, McDonald’s saying,”Hey, we’re going to lose some of you guys, and we’re going to replace you with machines.
Makes perfect sense.