Common Cents for November 30, 2012

Yesterday, I read an article on CNNMoney.com by a certain Emily Jane Fox. The headline caught my eye: “McDonald’s, KFC, Burger King Workers Protest in NYC.” I love reading about a good protest as much as the next person, if for no other reason than to wonder at the thought process behind it.

Not surprisingly, it seems fast food workers want to make more money in New York. But, who doesn’t want to make more money, with the possible exception of Warren Buffett? After all, everything else being equal, more money is generally better than less. But was or is there merit to the workers’ complaints?

The tone of Ms. Fox’s writing would suggest she believes there is. She foisted upon the American public a woman by the name of Pamela Waldron, who makes $7.75/hour working as a cashier at the KFC in Penn Station; a job she has held for 8 years. Of course, this wage is $0.50/hour more than the Federal minimum wage.
As Ms. Fox points out in her article: “KFC worker Waldron says she would be homeless with her kids if it were not for her husband’s union-represented job at the grocery store chain Pathmark.” Hmm. I wonder why the adjective phrase ‘union represented’ is in there, don’t you? Wouldn’t it have been enough to simply point out her husband works at the grocery, and they need both jobs to make ends meet? Why the union talk?…Read on…

This report does not constitute an offer to sell or a solicitation of an offer to buy or sell and securities. The public information contained in this report was obtained from sources and vendors deemed to be reliable, but it is not represented to be complete and its accuracy is not guaranteed. This report is designed to provide an insightful and entertaining commentary on the investment markets and economy. The opinions expressed reflect the judgment of the author as of the date of publication and are subject to change without notice; they do not represent the official opinions of the author’s employer unless clearly expressed within the document. The opinions expressed within this report are those of John Norris as of the date listed on the first page of the document. They are subject to change without notice, and do not necessarily reflect the views of Oakworth Capital Bank, its directors, shareholders, and employees.