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White Castle V.P. Jamie Richardson and Spectronics Corporation President Jon Cooper debate increasing the minimum wage.
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Watch did you might never think you're getting -- clear picture of an entire issue raising -- minimum wage.
Which political pundits often argue about ad nauseam.
Well right now you're in the right places -- give me the conversation everyone's -- here with two top corporate executives.
Opposite sides of the issue talking specifically about how raising the minimum wage even two dollars well actually affect their companies.
Jamie Richardson.
Is senior -- president of white castle John Cooper is president Spectra -- corporation thanks to both of you for joining us.
-- I start with you and let's talk economics a little -- I -- one argument that's always made.
Is that you know lower wage workers people make minimum wage spend what they make.
So you pay them more money and then -- just more likely to go out and spending in the economy it's boost to every woman what's wrong with that.
You know when we look at at a white castle being a family owned business for 92 years.
The very best day for us each here -- -- -- -- when there's a new higher because we know those team members are gonna learn about responsibility.
They're gonna learn about making a difference and customer satisfaction and all the great things that come with -- so more able to provide that to him.
We want them to be able -- stick around and and when we see them stay and make that decision in fact.
One of four white castle team members has been what this ten years or more we know we've done our job.
We wanna be able to offer that opportunity to more more people so what we see is that with the increase in the minimum wage that doesn't allow us accomplished.
That that makes it more -- case you're saying that you have a certain pile of money to spend on labor and that when your forced to pay each individual worker -- at the math just works out the division that you just have fewer workers.
-- -- it benefits that you've been -- it benefits if you -- -- many and makes it really difficult for us to take create more job to -- I -- -- you -- chart because you know if you look at the minimum wage overtime and you look at teen employment disease of the people that are working for minimum wage I think we have this chart we can put it up on the screen for our viewers -- of direct correlation.
As a minimum wage goes up.
There it is.
Teen unemployment rises and that's that's -- -- it.
-- but I will argue with nothing going.
S and triple before I get to that at Jamie at.
White -- once electronics are alike and in one respect we Busch family owned businesses -- the white castle is the bit larger than Tektronix and you -- with pride in the fact that 27% of your.
Team members have been with you for more than ten years he -- address how many of -- low income workers.
-- are -- with you for that long how many of them last that's even a year employed -- expect products more than 72%.
And our employees have been with us for more than ten years and we have many employees that have been with us for.
Thirty to 38 I don't wage but we've we've paid.
Action almost over employees the certainly.
Close to if not above.
But the proposed minimum wage would be.
Would be looking at nine dollars which is what President Obama proposed strict ten dollars and ten cents -- virtually all of our employees currently are getting paid above the ten dollar and attention threshold.
I didn't return you know -- interview I just like the SharePoint really quick on that because in fact.
Our average wage for our team members behind the counter not the people in the home office the people working in the restaurants on hourly rate each day.
Is nine dollars and 57 cents and in fact six point 7% of our total team in -- member population is currently.
At that starting -- about seven dollars and 25 cents but it's a starting rate it was never meant to be a living wage is that first strong on the economic ladder.
That gives our team members the chance for prosperity.
-- more happy to share that we have over 101000 team members close at 900 -- -- those.
-- -- -- If you -- over minimum wage what do you care that continue to pay your workers over over minimum wage you're already doing it to me that's an argument.
That we don't need the government telling people exactly how much to -- majority Dublin.
But they're there are millions if not tens of millions of workers that are not getting paid.
Ten dollars and ten cents an hour about my company treats our employees that we think of them is extended family have basically.
And Jamie you you may agree but I would not want one of my family members living in poverty but that's exactly what's happening for tens of millions of of employees' hard working American employees that are.
Earnings insistence living right now I'm seven dollars and 25 cents and how that works out to 151080.
Hours a year OK apparently can't survive on that.
Jamie got responded that.
You know when we look at this and think about it from a bigger perspective it's about the opportunity.
And you know we have 101000 employees or part of an industry that in place thirteen point one million people.
Many of whom -- on the path of prosperity because they get their first job in the restaurant industry the fact that at the end of January teenage unemployment.
Was -- 3.4 percent.
Is absolutely criminal.
If we raise the minimum wage were hurting the people we say we're trying to help out that doesn't seem compassionate -- similarly we're trying to achieve you know a lot of.
The people I think the argument that he -- make a lot of people that are on that seven dollars and twenty president.
Are trying to support a family their kids who are in high school who are in you know whatever grade who are out there trying to -- -- trying to have that first job.
I don't think that's and for at a because it has I think that 80% of people that hit minimum wage are not teenagers they're actually adults.
And I think that if we could pay these folks need something closer to living wage.
That -- Pakistan near their pockets of they get an extra hundred hours a week let's say they're gonna spend that locally buying.
Food for their families clothing school supplies for the kids gonna go to local businesses small businesses gonna boost the economy and grow jobs.
We're really get -- I think you so much for at great debate we appreciate your time both -- you could -- Coming up -- -- big.
