We have seen oil tantrum in 2013 and in 2016 push the yields of 10 year treasury bonds higher. Well, there are retail tantrums now taking center stage. The retail tantrums are a clever attack on minimum wage growth. But some people are wising up to these tantrums. If people want their businesses and their jobs to survive, they need to keep pushing for a reasonable wage, which puts money into peoples' pockets. Spreading prosperity to labor will come back to help the capitalists.
Consider the attacks on minimum wage improvements from contributors to large financial websites.
Article after article speaks about the Amazon convenience stores and the plans to stop using cashiers. And the same happened with the new McDonalds stores experimenting with technology to eliminate cashiers. The list of articles is found down the page. But there are caveats to these stories that were posted in a few contrarian articles.
For example, we now know that Amazon does not plan to open thousands of stores according to CNet.
"Amazon is getting ready to take over the retail industry, replacing labor with technology, and make minimum wage irrelevant. At Amazon Go stores—a new chain of convenience stores to be rolled out in 2017—there will be no floor employees to assist customers, no store greeters, and no cashiers to collect payments. They will all be replaced by technology, which monitors customers entering the store, records what they buy, and ensures that they are charged the appropriate amount."
So, which is it Forbes? Is Amazon a threat to the minimum wage if it has no plans to open thousands of stores? I don't think it is. The financial people are as much at fault in this minimum wage scare as are the companies involved, maybe moreso. Maybe the companies involved can handle the minimum wage increase. An article on Business Insider a few years ago showed that McDonalds could easily absorb a $15 minimum wage with stats to prove it.