Taken from JRE #1508 w/Peter Schiff: https://youtu.be/OK2zgeJLVwU
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Taken from JRE #1508 w/Peter Schiff: https://youtu.be/OK2zgeJLVwU
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The sneaky secret also with politicians justifying the minimum wage is that if you break down the bottom 20%, it consists of multiple demographics. Last time I checked, it was something like 15%-16%-ish of the bottom 20% are young kids who are there by default at the beginning of their work experience. A lot of minimum wage laws say they need to provide enough money to support a family of 4. Which only makes up less than 1% of the bottom 20%.
The study is in Basic Economics by Thomas Sowell, I wish i remembered it all but the demographic breakdown is enough to make anyone re analyze the policies and how sneaky politicians are when justifying it with broad numbers.
C'mon Rogan how many times must the man tell you this? Pretty simple stuff.
Around 2 percent of workers in the United States earn the minimum wage
thats why all the jobs left the country to go overseas.
he's talking from the open market points which has nothing to do with social responsibility in present reality. There is no free economy – it's a political retorics for peasants. Large businesses are run by people who have more access to resources while working people are very limited in their investment or relocation options. Access to resources to exploit and to be resold have a progressive proportion. People on the bottom (those who can't immigrate to wealthier countries and own $1 a day) have absolut 0 access, while people on the top got %99.99. White boomer says about skills. Ok, but you also need investments to build and develop valuable skills. Where you build them? The most desirable skills you are getting at good workplaces which requires a pricy pass – top university. (Good luck reaching top positions in large corps without Phd or at least MBA). All these fairytales about successful creators of multi-billion empires from scratch don't tell anything about family ties and 'social-capital' – skills number one in a professional portfolio. That's why there absolutely have to be a line imposed by society determining level and boundaries of exploitation in term of pay and work-time. There have to be tools to control fat cats.