McDonald's wants you to know that it's doing America a favor. On April 19th, the burger chain that long ago claimed world domination is announcing that it will create 50,000 new U.S McJobs in a single day. And the reason for this generous gesture, according to its press release, seems to have less to do with "outpacing its rivals" as The Wall Street Journal notes, and more to do with spurring the U.S. economy.
In the release, McDonald's points to researcher Dr. Dennis Tootelian, who estimated the potential impact of the hiring spree, and "presents a compelling argument for the value of fast-food, and specifically McDonald's, to the U.S. economy." Here's how the company, which currently employs 1.7 million workers worldwide, framed its 50,000 hires:
McDonald's and its franchisees will spend more than $518 million more in wages and salaries in the coming year, an average of more than $1.4 million every day.
More than $41.5 million in training will be invested in the company's new workforce – instilling life-long business and customer service skills as well as setting employees up for success in current and future opportunities.
The addition of 50,000 potential hires translates into $54 million more in payroll taxes contributed to the broader economy.
Using a statistical multiplier effect, 50,000 new workers will generate almost $1.4 billion in annual spending – more than $3.5 million per day.
Eye-popping numbers to be sure. But while it's undoubtedly a great thing that more jobs are being created in the U.S. (McJobs or otherwise), $54 million in new payroll taxes annually doesn't exactly amount to a whole lot. It would be enough, however, for the government to buy a little over half of a single F-35 fighter jet. Or maybe just a lot of Thai chickens.