You've never run a business, have you? McDonalds is an oligopoly BECAUSE of policies like the minimum wage. The average profit margin for a fast food restaurant is 2.4%. With every minimum wage increase the market consolidated to the mega corporations who can afford the increase, and this is why Walmart has supported EVERY SINGLE federal minimum wage increase that has passed. It is a way to use government to push their competitors out of the market, the minimum wage has ELIMINATED small grocery stores, small gas stations, small fast food restaurants and many low profit margin industries which have been completely taken over by chains. There is literally no policy that helps McDonalds or Tops keep their oligopolies more. Raising the minimum wage is economically ignorant.
"You've never run a business, have you? McDonalds is an oligopoly BECAUSE of policies like the minimum wage."
The Minimum Wage started before McDonalds did. There were (number) increases in the minimum wage before the first McD opened.
And if you're talking about policies "like" the minimum wage, then you're talking about something much different.
If every business large or small has to do a bunch of bs paperwork for the government, and each business needs one expert in federal paperwork
then a large business has an advantage over a small business.
Fast food oligopolies are competing with fast food oligopolies. Supermarket oligopolies are competiting with supermarket oligopolies. Every one of those companies (with very few exceptions) started their business in a country with minimum wages and minimum wage hikes. Everyone is on a level playing field.
However, there are reasons why Walmart would support minimum wage hikes.
1) Press and public opinion. Walmart, for years, has been singled out by people for being awful to their employees. Walmart doesn't want to come out and say they're against something that would benefit their workers. People would think Walmart was being mean or bad in some way.
2) Temporary economic advantage. Because Walmart has been attacked by people for being bad to their workers, Walmart actually does pay over minimum wage, and probably isn't really bad to their workers, at all. A minimum wage hike would not cause Walmarts wages to go up as much as competitors, providing temporary economic advantage. Soon enough, people will point out that Walmart isn't paying the workers well enough, they'll bitch, and Walmart will raise their wages above minimum. It's a cycle. At KFC, they pay $7.55, at least according to my one person survey. KFC would have to raise their numbers to minimum wage, but the businesses paying minimum wage, would have to raise their wages a higher percentage. So, yeah, there's that. But, again, lots of extra people, we need some, best not to have them starving.
If the government would let people keep their money, there are enough people around who need it and would take it, in economic transactions. But the government takes our money, we can't give it to the people who need it through economic transactions. The market is busted, so you need welfare, you need minimum wages, so that the people who I would be buying stuff from can eat. Because the government took my money that I was going to use to buy stuff from them, I can't give it to them. The guy who runs the supermarket knows that I don't have that extra money, so the cashier stayed home. The FedGov really does take a huge chunk of everyones money.