Former McDonald's CEO: $15 Minimum Wage is a Jobs Killer
With California and New York moving toward a $15 an hour minimum wage, former McDonald’s USA CEO Ed Rensi told the FOX Business Network’s Maria Bartiromo that the new rules will destroy small businesses.
“You talk about going from an average wage of $10 up to $15 for a new minimum, you’re talking about a 50% increase in wages. You look at that. Small business is going to get crucified with these rules, the joint employer stuff, the union organizing, these restaurants can’t afford that… it’s inflationary and it’s going to cause prices to go up,” he said.
While New York Governor Andrew Cuomo thinks the increase will “restore fairness and decency” to people’s lives, Rensi says this will be a job killer.
“The franchisees are going to survive. They are going to do what they need to do to survive and that means they are going to raise prices and cut costs which means getting rid of people.”