But most ridiculous was Advance Publications’ MLive.com, which writes, falsely, that “Doubling the salary and benefits of every McDonald’s employee would increase the cost of a Big Mac by just 68 cents according to comprehensive research conducted by the University of Kansas.”
Look, it’s journalistic malpractice to call undergraduate work “comprehensive research conducted by the University of Kansas.”
And then there’s this (emphasis mine):
At year’s end, McDonald’s paid its employees - including the CEO Donald Thompson, whose salary was $8.75 million - more than $47.1 billion in wages and benefits, while earning a net income of $54.6 billion.
Morelix said that Thompson’s salary could double to $17.5 million, and every worker could earn a salary of $15 per hour, and the company’s net income would remain at $54.6 billion with his suggested price increases.
McDonald’s is the most profitable company in the history of the world? No. It earned $5.46 billion last year, not $54.6 billion. And MLive didn’t even bother to credit the original source of the misinformation, The Huffington Post.
But get your numbers right.
(Updated to add the NYT/Forbes paragraph)
AND: Here’s a follow-up, an appalling tour of click-whoring aggregation at its worst and of fixes not made.
A McDonald’s own-goal on wages. Accidentally exposing the fallacy of its own personal-finance advice to workers.
John Stossel’s poor logic on minimum wages and jobs. Fox host fails to explain away Australia’s high wages and low unemployment
Minimum sense on the minimum wage. A WSJ op-ed from a front group for low-wage employers gets it very wrong.
Sympathy for the Walmart flack. How the PR-afflicted colossus pushes its “jobs” narrative on a credulous press
WSJ Gives Minimum Info on Front Group. An astroturf group gets a hit on the minimum wage.
The Minimum Wage in Context. How low-end pay has tumbled over the last 45 years.
McDonald’s through management’s eyes. Rude employees who, oh by the way, make poverty wages
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