"Facts are meaningless. You could use facts to prove anything that's even remotely true!"
-Homer J. Simpson

Saturday, August 08, 2009

Sure, Blame it on Minimum Wage

Tim Horton's is the latest business to pull the whole "minimum wage increases hurt us so much" card.

Don Schroeder said yesterday price increases could be implemented in certain regions to offset cost pressures from both higher food prices and rising minimum wages.
Yep, that increase in the minimum wage must have really affected the bottom line of the company, right? They must be losing money hand over fist, right?

Yesterday, Hortons reported its net earnings rose to $77.8 million, or 43 cents per share, for the quarter ended June 28. That's an increase from $75 million, or 41 cents per share, a year earlier.
Growth was more modest in Canada at 1.7 per cent, as the company faced a variety of challenges including the economic slowdown

So you grew by 1.7% during the worst recession in decades and your profits were a measly $80 million? Wow, those provinces that have the nerve to insist you pay your staff dollars per hour should be ashamed of themselves!