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Politics : Formerly About Advanced Micro Devices
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To: J_F_Shepard who wrote (760935)1/2/2014 7:52:02 PM
From: Tenchusatsu  Read Replies (5) of 1574398
 
Shep,
Because there are millions of unskilled, undereducated people who are unemployed..... Given the opportunity, MacDonalds would pay less….
And the lower cost of labor means that there would be more McDonalds out there employing these unskilled, undereducated people, which then reduces unemployment.

Conversely, a higher cost of labor means that there would be fewer McDonalds out there employing these people, which then raises unemployment. And then you'll have millions MORE of unskilled, undereducated people who are unemployed.

Remember, unemployment in America is still at 7.2%, well above what it was during the Bush years of economic growth. In NYC, it's 8.9%, and in Los Angeles it's 11.3%.

Tenchusatsu
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