Minimum Wage In 2016
Wage talk is big and everyone trying to make more money. The Fed raised interest rates for the first time in a decade, hiking its benchmark federal funds lending rate from near 0% to a range between 0.25% and 0.50%.
The local cost of living has continually gone up in the last few years. A few restaurants have already increased their prices to deal with the increase of wages. Shake Shack, Randy’s Donuts just to name a few.
We are developing a system that on the fence when it comes to the divide and conquer mentality. Considering that few states are going thru with a 15.00 minimum wage increase. Which will be in full effect by 2021. If you are not keeping up and you work in the industry. PAY ATTENTION!! Your future is going to change drastically.
On the upside of things paying people more means people have more money. Hence they will come and spend more money. On the other side if you have to pay more money to make the product then its price will also increase, a catch 22 or a break even. I guess it will all unfold over the next few years and we will see if the industry will land on its feet but a change is a coming. It is certain, the flood gates will be open.