Happy Thursday: McDonald’s Gets a Government Letter and a Strike
As the world’s largest fast food chain, McDonald’s (NYSE:MCD) has been blasted for its wage practices for years. This month, however, the government is ready to step in. According to Bloomberg, Democrat members of the U.S. Congress are encouraging McDonald’s, along with a handful of other fast food chains, to raise wages for their store workers, communicating with them via a letter signed by representatives.
Fifty-three members of Congress wrote in a letter that was mailed to restaurant executives Wednesday, “Too many hard-working families are being forced to depend on poverty-level wages. Paying fair wages and putting more spending money in the hands of consumers will strengthen our economy.”
The letter was sent to McDonald’s CEO Don Thompson, along with the CEOs of Burger King Worldwide (NYSE:BKW), Wendy’s Co., Yum! Brands (NYSE:YUM), and Domino’s Pizza – representing some of the world’s largest chains who employ the greatest number of employees. The letter also accompanies a bill already pending in Congress that would raise the federal minimum wage to $10.10 an hour from $7.25 an hour and index it to inflation. President Barack Obama has vocalized his support for such legislation, but it has yet to be passed, and that affects states which don’t have higher minimum wages than the federal level.