Joe Rogan talks to Peter Schiff about the problems with minimum wage.
Taken from Joe Rogan Experience 1002.
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Joe Rogan talks to Peter Schiff about the problems with minimum wage.
Taken from Joe Rogan Experience 1002.
Video Source
You must be logged in to post a comment.
Education is an investment where you’re expected to get a sizable return on said investment. You’re spending money to acquire skills that are in demand and the hope is that you will get a job that pays well and you like. A return on your investment.
If you want to see how minimum wage has a positive correlation with unemployment. Do this: Look up any two states with differing minimum wages in the US, then look up their unemployment rate, states with higher minimum wage ALWAYS have higher unemployment. The facts don’t lie.
Argument makes sense, there shouldn’t be any for learning, growing and acquiring skills. Assumption that free market would drive the wages up is difficult to understand. Businesses can be disproportionate. If there is a company that makes spectacles, the actual person who makes spectacles could be paid less, while the person bringing up the business would be paid more. Classes can be easily defined by market by saying that for this particular job let’s just say that spectacle maker, the market pays this amount which might be less than minimum wage, while the wages of management or sales team may rise holding the argument that wages are on rise because of free market mechanism. Sector of the economy to be brought in while discussing wages is important.
I find Peter's arguement unconvincing. If it applied universally, then perhaps I could buy in but it doesn't. Strict dog eat dog market capitalism for those at the bottom while those at the top get all the breaks: tariffs, government backed research, tax loopholes, subsidies….you know, corporate wealfare. Private companies set prices all the time, why can't wage earners?
Pretty basic market fundamentalism, dissapointing to say the least.
Peter is spot on with minimum wage, it should be zero.