Fast Food CEO ‘Stunned’ After Profits Soared Following Minimum Wage Rises!

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Much to the anger of many Republicans California raised it’s minimum wage in 2014 and again recently, the wage is currently $10.50 per hour.

The current national minimum is just $7.25, Obama has been trying to raise it to $10.10 but this is facing opposition from Pres-Elect Trump and his labor secretary pick Andrew F. Puzder.

Many feel raising wages hurts business, lower wages means business has more money to do things with, can hire more people and can innovate more. However one CEO, Wetzel’s Pretzels CEO Bill Phelps who was extremely worried at the initial wage rise has expressed how stunned he has been with the results.

He told KQED on Tuesday,

“I was shocked,”

“I was stunned by the business.”

“My overall sales were something like 15 percent ahead after the first minimum wage bump, and now they’re about 12 percent ahead this year,”

“It isn’t because I’m such a great manager or smart guy, but the buying public has more money in their pocket.”

 

You can listen to the full interview below:

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PUBLIC NOTE: The opinions expressed in this article are the author's own and do not reflect the view of the Urban Intellectuals, affiliates or partners.

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