Wage Against The Machine(Peter Schiff is in it)

[TheBlackPeterSchiff]

One answer he gave that looked really bad was where he said that fast food workers are usually teenagers.

Of course, TDS had anecdotes that disproved that.

The thing is, my own personal experience is that a lot of folks working in fast food are a lot older than 19...

Is Schiff making his own assumptions here, or are there good statistics that show minimum wage workers being in one age group or another?

I seem to recall seeing that the teenage unemployment rate was very high, supporting the notion that older employees are taking the entry-level jobs that used to go to the teens.

What Schiff says generally resonates with me, but this comment was weird, and he was certainly made to look the fool toward the end. The early part was good, though, where he asked Samantha Bee if she was willing to pay more for her burgers, and she "answered" obtusely.

If you go the BLS.gov website, you can see the stats. 5% of the workforce is making the minimum wage or below (below meaning waiters for example), of that 5% half of them are 16-24. Roughly 2 million workers are adults making minimum wage or lower. Yep...that minimum wage law sure will change the world

 

[LibertyEagle]

One answer he gave that looked really bad was where he said that fast food workers are usually teenagers.

Of course, TDS had anecdotes that disproved that.

The thing is, my own personal experience is that a lot of folks working in fast food are a lot older than 19...

Is Schiff making his own assumptions here, or are there good statistics that show minimum wage workers being in one age group or another?

I seem to recall seeing that the teenage unemployment rate was very high, supporting the notion that older employees are taking the entry-level jobs that used to go to the teens.

What Schiff says generally resonates with me, but this comment was weird, and he was certainly made to look the fool toward the end. The early part was good, though, where he asked Samantha Bee if she was willing to pay more for her burgers, and she "answered" obtusely.

He's talking about how it used to be. It did used to be that kids were the ones who had the burger flipping jobs. But, that was before NAFTA, etc., that led to whole industries being shipped overseas.

 

[gwax23]

I think he meant to say he IS a bachelor.

Probably. A few other things like that supposed expert who was clearly lying about the statistics.

Its very hard to quantify the amount of people who never had the chance to get a job because of the minimum wage. Its easier to show people who lost it.

Another thing they do is aggregate. Minimum wage workers, work in specific fields and industries. So if you look at the fields and industries where minimum wage workers dominate then thats where you would see unemployment and rising prices. Instead they aggregate the economy as a whole and use jobs created in other industries to offset the jobs lost in the minimum wage one.

Further they dont point out that make 7.25 while get skills on the job experience is better than making nothing and learning nothing.

Further she almost gave an argument for not raising the minimum wage in that the increased cost of labor would be put on consumers leading to rising prices which then negate the added purchasing power of the artificially increased wages. Thats why we have this debate every few years to raise the minimum (mostly the fed monetary policy though)

He could of made a good point about why a 2 dollar wage wouldnt even exist in todays market due to inflation.

He didnt mention only 5% work for minimum many of whom might work in states with higher than the federal, and may even work for tips which mean they are making a lot more than it seems. If they are taken out of the picture people making only 7.25 are even a smaller % of the work force and a greater % of them are young and lacking in experience.

Anyway Jon Stewart is an ass and so are his minions. They are propagandists pure and simple.

 

[bunklocoempire]

Great comedy reveals real truth. I stopped watching DS and Colbert when it became apparent to me that they were settling for revealing a fairy tale time and time again.

Lame.

 

[gwax23]

Anyone know the viewership of Stewart and colbert? is it still high?

 

[Occam's Banana]

Bob Murphy @ Mises Canada: http://mises.ca/posts/blog/peter-schiff-talks-minimum-wages-on-the-daily-show/

Peter Schiff Talks Minimum Wages on the Daily Show
Robert P. Murphy (30 January 2014)

As many Austro-libertarians by now have seen, Peter Schiff was recently the subject of ridicule on The Daily Show. As you can see in the linked video, Samantha Bee’s bit portrays Schiff as a heartless, ignorant buffoon, whose opposition to the minimum wage is baseless.

In this post I want to make a few points about this episode, especially because some of the commentary from free-market fans seems a little off to me:

more at link: http://mises.ca/posts/blog/peter-schiff-talks-minimum-wages-on-the-daily-show/