As a student in Ontario Canada where the minimum wage is $14 an hour, it’s incredibly difficult to find a job and the few jobs I had required a shit ton of work cuz we were understaffed.
That was raised to $14 overnight from $11. Imagine owning a coffee shop and having to pay all those employees an extra 25% overnight? It was a political move
@@markymark93 True story. It's crazy how simple this really should be. If a coffee shop puts up all the risk, and overhead, your employment has to bring enough revenue to generate a profit. If you're only generating profit at 10/hr, you should only get that. If the government then jacks up the m/w to 15/hr, well, looks like someones getting fired, and someone is going to have to pick up the slack and do more work...
Not exactly surprising a coffee shop would go out of business during a worldwide pandemic. Of course it’s hard to find a good job as a student now, but even at $14 an hour you didn’t want to do the work. How hard is it to do a “shit ton” in a freaking coffee shop? Would you prefer to work in a coffee shop for $8 hr?
@@aaronboldt3523 it's a total question of productivity. You could have 2 employees doing the same job. One could pump out 100 coffees an hour, the other is a lazy ass and can only make 20. Why on earth should they make the same amount... If one is producing 50/hour of revenue, and the other produces 5, this shouldn't even be a discussion lol. Plenty of people just get a minimum wage job, and aren't productive at all, so they don't get raises. Then complain that they should get money, so the government instead of saying "work harder and produce more money for that business" says ok we will raise the minimum wage.
But they do have collective bargaining, which this idiot also opposes. That's the part of "countries do better without min wage" that Peter Schiff would conveniently leave out
@@jacobwilliams9736 too expensive but if you happen to need any medical-related service, it's the top of the top. I don't like that it's mandatory tho. My wife paid around 400 and I paid 550 a month (you see how much money we left there in a 5y period!!), and my wife had to go to a doctor only once in this whole period... wasting about 60k for a service we didn't really need nor asked for kinda hurts. We come from a country where it's "free" (nothing is actually free in this life but you get my point) whether you're employed or unemployed! Now we're both self-employed and it costs us 110 buck a month for BOTH of us! Now that is something I can accept...of course if we need a scan or an mri for example, we have to wait several weeks where in Switzerland it would have been the same day, but that's not really a key argument since we're not 80yo and don't require healthcare services on a regular basis anyway
For small businesses, an increase in minimum wage gives them 3 options: 1) Increase your prices, which may reduce your customer base and revenues 2) reduce your profits 3) Employ less people Option 3) is normally the preference.
@@aaaaax927 They do have jobs. Companies don't immediately sack everyone if they have to raise their wages. Companies employ people because they need them. They still need them if they cost more.
@@cockoffgewgle4993 Yes, but the company still lost revenue, because if they have a worker that they paid 5$ and now they have to pay them 7,5$ for example the company lost 2,5$, but you say it will increase spending which is true so if someone comes and buys a cupcake for 2,5$ the company didn't generate 2,5$ in pure revenue. Maybe 1,25$ so they still lost 1,25$.
i agree with him on the premise that the minimum wage killed jobs for teenagers to get experience. kids use to get jobs and later became skilled workers.
@@kingkoi6542 they always did that, in fact thats what some free time needs to be used for. My thoughts on min wages is that in a proper system it should not need to exist, however, now I think the economy makes it so that minimum wage is needed only because it and many ither choices caused money to be less valuable, if it didnt exist and other policies didnt exist to cause money to be less valuable (including high taxes) then less money would be more acceptable because it will pay more than current wages. Min wage and other policies cause inflation which makes money worth less and less.
@@thunderlifestudios Yes but implementing minimum wage isn't going to end the inflation or devalue of dollar. Instead it just puts more strain on the individual and small business who now get fucked over from GOP restrictions. More restrictions = a less free market. But of course restrictions are necessary on labor rights, environmental impact and decentralizing monopolies as well as some other facets.
@@kingkoi6542 I agree with you but in our free time we can teach ourselves skills that benefit us outside of work I'm personally trying to find a passion to learn. Its overwhelming but I try
yeah, but he isn't exactly competent in every single thing that is brought to the show, it's impossible for anyone, he should have gotten someone on the other side of the debate.
“If you can only earn a minimum wage, you shouldn’t have a family. You should realize, hey I can’t afford a family yet. Let me acquire the skills before I start fathering children and getting married, let me make sure that I can support myself.”
Don't be ridiculous, I will have someone else help me raise my children. That way I can never become a real man and raise my own kids and be responsible. When is that ever a problem? right?
@@josierunyan8545 making a conscious decision to not have children until you can at the very least support yourself is not "looking at it from a superficial level." These "women" you speak of have choices and with choices comes decisions and with decisions comes consequences. Condoms are free with minimal effort, and if this is too much work for these "women" make the guy supply them "no glove, no love." If these "women" are as poor as you say they are then they would be eligible for THOUSANDS of dollars for a secondary education. FASFA max is over $6000 a year, that's more than enough for "most" state colleges to go at least part time if not full time.
Ask Japan how well that has worked for them. They have the oldest population and in the next 40 years will be obsolete if they continue in the direction. They are heading. On the other hand China & India biggest strength is their population. It's not black & white as yawl are trying to make it out.
When I was a early teen my first job was $5 an hour. As a dumb young male being at work kept me out of trouble. It also put money in my pocket to get a car and take girls on dates and have a real social life that didnt involve the Internet. That self confidence and work ethic from my own accomplishments has served me well my entire life.
l D and how long ago was that? $5 an hour back then is not $5 an hour now. So you were probably making more than minimum wage would have been. I don’t see your argument.
@@IWantToOutliveMyChildren 25yrs ago. Minimum wage was $4.75ish. My argument is that young men are not worth a whole lot because they have energy but no real skills. I was allowed to sell my time and energy for a small amount of money but it made a large difference in my life choices and outlook.
Peter Schiff is pretty much flat-out one of the most informative person out there. I live in Singapore and everything he says is spot on. Singapore is actually fairly big government where its citizens have to contribute a small percentage of their income for healthcare and technically you can't even really own houses here, instead you lease them from the government for 99 years. But the government is actually smart enough to have one of the lowest tax rates and not have any minimum wages. The quality of life is pretty much the highest in South-East Asia and comparatively to many places in the world.
Peter Schiff advocates against government he doesn’t think that all people deserve healthcare. In fact the USA is the only country who rips billions in profits on human suffering. I’d rather not own the house and pay government taxes knowing that everyone has an access to quality healthcare and education.
Every time joe challenges him, he responds with a detailed, comprehensive answer that sounds absolutely logical. This guy definitely knows what he’s talking about.
@Drinkin dat Hemlock You mean the Richard Wolff making emotional appeals, and presenting false dichotomies, and never actually addressing the issue that he himself brought up in the first place? Yeah, consider me underwhelmed.
I wish has spent more time on the notion that those with minimum wage jobs suffer most from the price increases caused from higher labor costs. Because it's not just that the cost of goods and services go up in general, The cost of goods and services goes up disproportionately for the goods and services relied on by.... People working a minimum wage job. Where do low income households buy their groceries? (places that rely on minimum wage workers) Where do they go out to eat? (places that rely on minimum wage workers) Where do they buy their durable goods? (places that rely on minimum wage workers) Where does almost every nickle of their income that isn't paying a bill go? (places that rely on minimum wage workers) And if the jump in minimum wage is big enough, the bad effects can basically start a feedback loop not only do minimum wage workers rely on places that pay minuimum wage, places that pay minimum wage also rely on the business from people who make minimum wage. The buying power of their inflated dollar goes down, they buy less. Customers buying less means lower sales volume, lower sales volume means higher prices, higher prices means customers buy less... lather rinse repeat.
Drinkin dat Hemlock I listened to his take on capitalism and social unrest with the reopening of businesses throughout the country. Our business reopened and almost everything he said was going to happen was either wrong and didn’t happen or he was right and it did happen but he made it sound bad and it was actually really good for our company. This was a personal experience so I won’t apply it to everyone, but it also makes me never want to listen to him again because he was literally wrong about every single thing that I experienced when reopening.
I remember teenagers used to have jobs at the grocery store helping people carry their groceries out to their cars. Those jobs have been long gone due to minimum wage laws.
@Mike S I'm curious why you think it's a "zionist" thing? And what exactly is that? Are you a zionist only if you believe in your god given right to the lands of Israel, or is every person of jewish decent a zionist? Or do you have another definition?
Literally writing my university report on minimum wage and it’s effects on employment, wage inequality and household poverty.. this will do nicely as background noise
Brian Jones ah the right wingers. My feelings agree with this so therefore it is 100% factual. Peter Schiff has no credentials as an economist. He’s an awful investor too. www.nakedcapitalism.com/2014/02/peter-schiff-wrong-everything.html
I agree with Omar, this is characteristic classical economics. From the two or three schools of thought that I've studied beyond a cursory glance, the model Schiff is explaining has the fewest holes or controversies, and actually provides a better stimulus in the long-run. The rest is just short-run adjustments, as opposed to politics, and many economists have argued this.
no it's not. It's just rehashed Austrian school talking points. The vast majority of people employed at minimum wage remain so for the duration of their life with no educational prospects. People's jobs are almost entirely dependent on the jobs of their parents. There was a long period where workers in the US werne't paid a minimum wage and the Southern states attempted to secede to keep it that way.
@@gamerknown Yeah.... You're right. It's slavery. Everything is slavery. You're right about your response because you show some faux care about slavery on the internet, so clearly you are an honorable person. Give me a break.
I remember back in the 90's I worked 2 jobs in a small town after school from age 13 to age 15. I swept floors and washed helicopters for $6 per hour then I went and washed dishes in a restaurant for $6.50 per hour. My two employees didnt like each other so they kept raising my wages .50 cents every so often haha. I eventually moved to a bigger city when I was a little older, had a decent resume at 17 yrs old, asked for a job working construction, got it immediately. It allowed me to save the money I needed for nursing school. Now I have a good job in healthcare. Im not sure my path would have been so linear if I hadn't had those 2 first jobs at such a young age. Im with Peter here. He speaks logic. I see kids today that are 19 or even young adults like 20-23 that have no job experience
There's the rub. You went into healthcare. Everyone goes into healthcare or government because the private sector doesn't pay enough, while the healthcare and government jobs soak everything up in the labor market. Look deeper and you will find the truth. Stop focusing on minimum wage. It's the fact that the government and healthcare can keep paying ridiculously high wages because of huge deficits (government) and premiums (healthcare), driving out the private sector. That's what is really happening.
So your experience is 22+ years out of date and almost on the level of someone's grandpa saying "when I was your age, I got my job by walking right up the manager, shaking his hand, and telling him I wanna work hard" because he doesn't understand how competitive education and jobs have gotten in decades.
In a manufacturing or other automated environment, you don’t learn proper skills (more and more industries these days). You learn to push a button and move a product. Just above that you have laborer foreman, then the engineering and top brass. You cannot ‘work your way up’ in the same respect as you could 70 years ago.
In machine shops in the northeast there is a huge demand for skilled machinists, programmers and engineers. In the small aerospace shop that I'm at now shop floor personnel make anywhere from high teens in burring and shipping, to 35+ for lead positions. All jobs are posted internally first. In fact, I was hired from within from milling to engineering about 2 years ago. In my experience it is mostly a question of effort. I can think of quite a few operators (button-pushers) that constantly complain they aren't paid enough, but still refuse to learn any new skills or give more than the lowest possible effort.
Thanks, wanted to say this... If we just let people with good enough jobs and pay have a family good luck finding future generations. There are not enough jobs to climb your way up. About entry level jobs you can simply put an escalating minimum wage from 15 till 25. At 25 everybody should want to be able to make a livable wage, even if it is the minimum. If he doesn't have good enough skills to even get a minimum job, just call it an internship and let him learn and pay him whatever he ia worth...
BS. I started as an entry level operator in a factory. I noticed several opportunities to improve product flow and presented my findings to my boss. My boss showed his boss. I got a promotion. Then another. Then the big boss gave me a project to improve efficiency in the entire factory. I had workshops with all the operators since they were the experts. They gave me ideas. I implemented them. Now I’m a senior manager. I went from a temp worker to second in command of the site. It’s possible. Don’t tell me it’s not.
He's rite as many people who reproduce do not make the income to barely support themselves, Why should you penalize the Tax payer to subsidize ones income, Food stamps etc. because they decide to pump out 3- kids, and pass the burden to the Tax payer. It's Bullshit.
Wes Harrington What’s bullshit is how the Republicans FUCK UP THE ECONOMY ( Wall Street 2008) but then go ahead and put illiterate republicans on tv telling us how people need ‘work harder’ go fuk yourself.
@@Soundofsilver2007 Democrats fuck up economy. They want more government regulations want more safety nets wants free education and free health care want to raise the minimum wage all things that hurt the economy. Repliblicand want to limit government control thus making it more capitalist which is the true best economy out there.
@@reterumstrict1091 we've been over this as a society already. See industrialization. Child labor and litterally working to death for a crumb is the result.
Petah Runs the jewels We aren’t in the times of industrialization there’s now tons of government regulations reguarding the workforce that weren’t in place back then designed to help workers
The moment I got put off minimum wage was when the MSM started highlighting middle-aged women who had been working at Walmart for 20 years and obviously had no intention of doing any better, fighting for $15. It's crazy out there.
I remember that story, it really ticked me off. In 20 years she couldn't do anything but be a cashier at Walmart? Never progressed to a team leader or whatever or tried to find a better job. At some point, you have to take ownership of your own future.
The minimum wage law were established to give employees more power. Infinite skills does not equal infinite money. Without a minimum wage sweat shops will exist. With a high min wage everyone with a Job will have a good standard of living
@@jameswhite3415 Except what happens in reality is you have less employees doing more work. If I own a movie theater it costs $5 for a front desk worker, I can hire a bunch of them because it's affordable. If I'm mandated to pay them $15, I'm just going to hire 1/3rd of the workers and make them do 3x the work.
@@tydal6516 Which creates more opportunities and better jobs. Rather than having a majority slave class and an upper class we get to have a middle class from min wages. Who spends more money. 1 guy who makes 10 million or 10 guys who make a million? Milton Friedman is nothing more than a bootlicker.
@@edelbarcenas4672 You don't have the morals and you don't have the logic. Three people making 5 an hour are not going to be able to go to the movies. 1 person making 15 will have enough money to spend to create more 15 an hour jobs. You are such a bootlicker. Oh please throw your penies at me from your wagon sir!! Yes it's okay you killed my kid you gave me money!!
Milton Friedman actually advocated a negative income tax on low incomes, so if you're working at $5 an hour, you would receive $2 for instance (or whatever amount is chosen) for a total of $7 an hour. This would employ the person creating a new good or service and you're paying $2 an hour instead of $10-$15 otherwise in benefits and unemployment, so the taxpayer is actually saving $8-$13 every hour by having people work low income jobs. You'll also have other added benefits like less crime since people will be at their jobs instead of bored on the streets.
Peter is 100% right. Minimum wages hurt poor people the most because makes it impossible to hire them for anything less than the government mandates. As a result, those jobs (and opportunities) don't exist for the peoples most in need of them. Minimum age advocates love to talk about the winners in a minimum wage hike but they are silent when it comes to all the jobs lost and all the jobs that are never offered because it would uneconomical to do so. No sane employer is going to hire someone it he loses money as a result. That fantasy only exists in an academic's research.
@@liamrmorgans921 they do, just better minimum wage laws than the US. Here if ur a teen ur paid roughly around 20 to 24 dollars an hour. But more as an adult.
Why's the unemployment the lowest it's ever been right now? This is what I'm grappling with. If minimum wage hikes prevent job creation then why is the unemployment at a record low. I'm not saying Peter Schiff is wrong overall, I oppose the minimum wage as well.
I have watched this video many times before, but as soon as I heard that California voted for an independent kangaroo council that will raise the minimum wage to 22$ dollars an hour I came back to rewatch it again.
They say need work experience. But I understand why pay a 16 year old 15 a hour when a 30 year would do it for the same price. They obviously are more qualified.
Stop trapping people at entry level wages and give them performance based raises opposed to date of hire/anniversary raises. Keep people competitive in the work place. Pay people based on productivity and consistency.
littlenicky419 this used to be the case before minimum wage in many industries but when you have to pay everyone the same regardless of productivity it leaves less money to do this. What you see now in states where they raised the minimum to 15 companies ask for 2-5 years experience on entry level positions basically putting anyone with no experience out of the market not to mention that most employers then automate and cut their workforce leaving people unemployed. Minimum wage jobs used to be for teenagers to help them gain experience so by the time they were 21 they had enough experience to move on. It’s interesting to hear first hand accounts of what life was like before minimum wage laws, it predominantly impacted and targeted the black community many accounts talk about how before they even put a dollar minimum wage they were making a 1.50 and after the minimum wage they got fired and replaced with a white teen for a dollar
In removing the minimum wage, companies would have a race to the bottom wage drive. Markets are cold-hearted. They don't care about their employees, just their profit margins.
harry parker many countries in Europe do not have a federal minimum wage and yet there average wage is higher then ours. Many nations with better average income then us also don’t have a minimum wage. That’s not how economics work companies will always pay for good talent because if not they’ll fall behind to the competition. A race to the bottom is actually what you get with a minimum wage because you have millions applying for the same low skill job and they don’t have to negotiate or improve working conditions because they have so many clamoring for the same job .if companies were forced to negotiate for every single worker or lose them you’d see higher wages . And in areas where the wage does go down it would help low skill young people actually have a chance to get a job and gain experience instead of being forced to do a no pay internship because most companies that pay 15 an hour want 2-5 years of experience
Also in places like New York or Washington, they LOST jobs and even though employees were making more per hour they saw a wage cut of at least 250 because companies just cut hours or automated . People need to realize minimum wage jobs were never meant to be career jobs they were meant to gain experience to move up or move on. And minimum wage also kills competition and drives up prices because for the companies that don’t slash hours they just pass on that cost as a price increase to customers which basically cancels out the wage increase because those same workers end up having to just pay more for the goods they buy. It used to be that going to college was optional you didn’t need it to make a good living and enter the middle class, why? Because you could find a job with a high school degree and within 5 years move up or move on to a hiring paying salaries job. The interview and screening process is expensive so companies used to be incentivized to train and promote from within because people who already had the skills and experience wouldn’t look twice at a management job for a perceived lower tier company . But now with the lack of competition and increases in wages most companies save money by just giving someone who already had the experience the money they want instead of spending the additional time and money on training in house. Even commission incentives have gone away in most places that had them .not to mention the huge increase in outsourcing .when you look at the numbers minimum wage increases doesn’t help the worker it just makes things easier for the big companies to monopolize. You think Jeff bazos increases the minimum wage out of kindness? He did it because he knew his competition would have to also do it in order to compete and most of them wouldn’t be able to afford it long term so they’d go under leaving him more market share.
@@Dtoons53 These countries generally provide big subsidies for low wage work, free healthcare, free university tuition, collective bargaining contracts that negotiate a de facto 'minimum wage', comprehensive + extremely robust union memberships and huge amount of worker protection. The US is miles away from having any of these things. The idea that a hard-line libertarian government would come in, scrap the minimum wage and suddenly everyone's life is better is just such bollocks. America is NOTHING like the Nordic model. It's scathing free-market economy. With the kind weak regulation around private sector activity, I really can't see a complete removal of the minimum wage benefiting anyone massively. Just having a job isn't such a great thing when you've gotta work to earn your poverty.
I remember when i was 15 years old and i made $3.75 an hour back in the late 90s. it was awesome, then the minimum wage increased to $5.25 that next summer, and BOOM lost my job at 16. So i had to find another one. THANKFULLY I already had a job and had experience, so i could find a job at $5.25. Anyone else who didn't have experience, had to work for free (or couldn't get a job.)
@@cockoffgewgle4993 after i lost my job, i was lucky to find another job 6 months later, but i lost income for 6 months that i never got back. so my income actually went DOWN for entire year. some kids had to wait till they were older to get a job, like at 17 or 18, because minimum wage was too expensive for a young guy who didn't know shit. what minimum wage does, is cut off opportunity for the youngest people which forces them to get jobs later in life. so they can't rack up experience while they are in early high school. that slows the maturity of American young adults in the long run.
@@LuisVelazquezLV3 When I started my first job, Labour had just introduced the minimum wage and a raft of worker protections. I benefited hugely. I got what was a shitty job in a supermarket, with a guaranteed decent wage, contract (meaning it was hard to sack me and my hours were guaranteed), guaranteed breaks and a whole raft of benefits. The data doesn't support your hyper-capitalist view or, at all. Your income went down for the year but almost doubled the next year. Can you do maths? You benefitted from the minimum wage hike. You earned more for doing less work and got 6 months off lol. Without it, you'd have worked 25% harder for less money, over a 2 year period. "Anyone else who didn't have experience, had to work for free (or couldn't get a job.)" That's obviously the bullshit part of your anecdotal experience.
The part where Peter talks about raising a family on minimum wage is 100% right. If you make enough money to only feed 1 mouth then you shouldn't create more mouths to feed.
Yeah but there will always be people how "only" have such a job with children. Do you want them to starve? Do you want them to be homeless? Because this will just promote another failure
@@NihilSineDeo09 you act like that's a possibility for EVERYONE. The capitalist system needs millions and millions of poverty wage earners to survive. So half the country dont deserve to reproduce because our corrupt economic system? That greed mentality is exactly why socialism is getting so popular in the usa.
David Socialism is getting popular because of a naive culture we’ve created. We don’t want to work or improve ourselves, we want handouts and free stuff. Attention spans are lowering and so are the testosterone levels on men. The government has us right we’re they need us, unable to function and with our mouths on their fishing net. Socialism takes power from everyone and puts it in the hands of the few, ironically what capitalism is blames for.
In my case, working in HVAC fabricating sheet metal, the minimum wage laws tend to light a fire on upper management to actually go out and get sales, quit skating through life, and actually think about the future generations and the future direction of the company. Upper management got a little too cozy at their cushy jobs, raked in all the benefits, while the workers suffered for years (especially employees who are far older than me).
I mean, when youve worked years and years without stop, maybe even 80 hours per week wouldnt you want at some point to "skate through life"? Also, thinking that many managers especially these at the top are just drinking booze and smoking cuban cigars is stupid. Some do it, and they are not of the most wealthy people too.
You should really listen to everything else he has to say too. The demonization of libertarians correlates perfectly with the governments need to self-preserve.
The problem is they will still expect you to sell your soul for that dollar an hour. Just because you earn a shitty salary doesn't mean your employer will be content with you doing nothing for that shitty salary.
@@mathewlegrange5880 well then ill quit if i feel im not being paid fairly. Only government has the power of coercion, not corporations. The best they can do is exploit but you have a better chance of rising above exploitation than coercion.
@@antoniorenteria2896 corporations are just as bad as government, if not worse. They have a goal, and that is to make as much money as possible with the least amount of overheads/expenses. If they could have you work for free they would gladly do so.
@@mathewlegrange5880 they are not worse, they dont have the power of coercion and enforcement. They can exploit, which is almost the same as force, but not quite there.
Mason G 1 second ago I had someone explain this to me once by asking me what I thought the minimum wage should be. I said, "probably $15 per hour" to which he said, "why not $16 per hour?" I said, "ok sure, $16 per hour" to which he said "why not $20 per hour?" I said, "ok fine, lol $20 per hour" to which he said "how about $26 per hour?" I said, "no, that seems too high" to which he said "why?" I said, "I don't know" to which he said, "exactly! It's totally arbitrary and you have no idea why you are selecting the numbers that you are selecting!" He's right, I was just selecting whatever felt "good." Whatever felt warm and fuzzy. It wasn't based on anything. In other words, say the owner of a small mechanic shop wants to hire someone who is totally unskilled to stand at the door with a clipboard and sign people in for $8 per hour. He wants to do this because he wants to give his business a more welcoming mom & pop type feel which will give him an advantage over the corporate chains. Now, suddenly one day the government adjusts the minimum wage with the stroke of a pen. They have no idea what this business is, how it's run, how much profit they make, who the owner is, or how skilled this employee is. But they now say the owner of that mechanic shop needs to pay this unskilled man a completely arbitrary $15 per hour. Well, the next day that clipboard will be on the front desk and customers can sign themselves in. Meanwhile, the countries unemployment statistic goes up by 1. Think about that the next time you walk into a McDonald's and have to order from a touch screen instead of communicating with another human being.
Valid point but there are other things to also consider. 1. Why not just pay the clipboard job for $5? Or find another desperate kid that's willing to undercut for $1/hr? The shop owner can also collude with other shops to collectively lower the price ceiling for labor roles and workers will have no other option but to settle for meager wage. 2. If it is possible for workers to earn only $0.01 / hr, it must also be possible for them to have access to food, shelter, transport, and education that's affordable with their earning 3. The people in higher positions who possess key knowledge may not share what they know (except for a few workers they choose to invest in) in order to protecting their profit margin and minimize competitors. If we remove minimum wage, we'll need to introduce other forms of intervention to prevent unethical practices
The problem with taking away minimum wage is you're giving trust to companies to not pay the absolute minimum they can pay someone. These same companies who barely pay their workers already to the point that they're all on food stamps while having a full time job. You take away minimum wage you're gonna see a shit load of homeless people in the streets because they cant afford rent. Here in Miami average rent is around 800-900 for a 1 bedroom 1 bathroom a house in a decent neighborhood is hard to find less than 250k+ with a mortgage of 1600 a month while making 3 dollars an hour. If you work 40 hours a week that's only 120, you literally could not afford to live in todays america on 480 a month.
The touchscreens were added as a way to help places to stay open 24/7. They were doing this in Europe, and it probably would have happened regardless of the minimum wage.
The biggest mistake was people voting for all those health insurance laws and making them tied into employment. I've read so many stories about lost opportunities because of health care laws. Bottom line is the more "rules" you make the more opportunity you lose.
There’s a video of Schiff at Occupy Wall St and next to him is a sign stating “I’m the 1%, let’s talk.” I listened to him for close to an hour. He knows his stuff
cody williams explain please because I listen to this guy and he seems to make sense at what point is he wrong and explain why he is and what the alternative is
Raising the minimum wage just makes all the prices of everything higher. It’s ignorant for people to think that higher minimum wage will fix any of these issues
@@MrJaldal there’s also plenty of studies to prove what I said was true. And even if there wasn’t. minimum wage still negatively impacts more than just prices. Such as employment opportunities and small businesses.
@@timc6549 so by our logic when companies cut employees the price should go down right? Except they never do the prices only go up. 7.25 which is the current minimum wage doesn't even cover the cost of lunch, commute, and laundry. Its practically free labor.
@@tatertots0046 minimum wage isn’t supposed to be a livable wage. It should be a entry level position mostly for people to get their foot in the door and start picking up more skills for a better paying job eventually. And most company’s have to cut people from their work force because a lot of small businesses can’t afford to pay multiple people minimum wage. Which can attribute to why we have so much out sourcing in America which also makes it harder for unexperienced workers to find jobs. If you have a lack of experience and I have to pay you the minimum wage or I could get the same product from a worker that I can pay a lot less in a foreign country why would I pay more for someone here in America to get the same thing
@@tatertots0046 overall what I’m trying to say is minimum wage is bad. And raising it would be even worse for this country and hurt the poverty stricken and most Americans in general
Here in Argentina, you pay an adicional 65% of your employee’s salary in taxes, you have a big minimum wage, and if you fire him, you have to pay a massive compensation. That’s why 40% of businesses operate outside the system. Don’t let the government regulate your economy so much.
I would rather become a gangster before working for minimum wage. Short but sweet life. Forget Schiff. Every place has a minimum wage anyways. It's natural.
I live in a state where the minimum wage is $7.25. My first job (2010) paid me $7/hr until my training period was over. When I left that job 15 months later I was making $8/ hr. Now present day I make $16/hr plus benefits in the same state with the minimum wage of $7.25. I haven't worked minimum wage since my first job and have no plan to ever again. Better yourself and dont settle for less.
@@warrengouldthorpe5091 yes but look around you at all the people who have come put of terrible comprehensive schools and crime ridden council estates. Do you think they can produce at more then £8.25 per hour? Your VAT is also double what you would pay in the US and income tax kicks in lower then in most US states.
@@Madyoke good point and tax and national insurance in the UK automatically comes out every month so at least we don't have to do taxes every year, but even after tax on a 40 hour week on minimum wage isn't really that much after paying everything out
@@warrengouldthorpe5091 in the states your taxes come out automatically come out if you're a worker and you submit your return each year. It makes you keep your receipts, its swift electronic and easy and usually results in a rebate rather then a bill. In the UK billions go unclaimed for the government to piss up against a wall! Rather then increasing the minimum wage the government can help a lot more by reducing the money taken out of your pocket. Eliminating VAT, tariffs on foreign goods, removing regulations that increase the cost of producing goods. Increasing the size and scope of government and artificially raising wages makes your life more expensive not less. Especially the things poor people spend the most of their money on I.e food,clothing, warmth and shelter.
The point he's making is that if they DONT there is a price to pay. Like if you don't pay your employees enough money you will lose them in a free market. And if you are an employee and accept a lower wage than someone else will give you its your own fault.
@@colineccles5102 That's a sociopathic way of thinking. It's like saying if a car mechanic overcharges an old lady by 80%, it's the ladies fault for not making a better decision. No, it's the mechanics fault for knowing exploiting a weaker person. Lower intelligence/weaker people don't deserve to be preyed upon because they aren't aware enough to make better decisions.
@@jdogggg9002 yeah i mean thats one extreme example, but if the mechanic keeps doing that he will lose customers OVERALL. The old lady doesnt represent the mechanic's entire market, and if she were to ever go to any other mechanic shop if she were out of town or something chances are shed realize shes getting ripped off. People's desire to get the most money for their labor incentivizes employers to treat them fairly or else they will just go work somewhere else. Obviously SOME government regulations are necessary but this is true for the most part
@@Adam-zy9fv not extreme whatsoever. People take advantage of weaker people in that manner often. It's easy to say "make a better decision". How about people act morally? If as an employer you know your workers make you $35 an hour, it's morally wrong to offer $5 an hour knowing they have to take it. Minimum wage is 100% needed to keep workers from exploiting weaker, desperate people. The thought of "they should make better decisions" is sociopathic in nature.
@@jdogggg9002 well personally, im a little torn on the issue of the minimum wage. But in theory, i get what this guy is talking about. Youre right that its morally wrong to knowingly rip off your employees, but its not that i would be EXPECTING them to make a better decision as much as me KNOWING that they will make a better decision so it incentivizes me to NOT rip my employees off. Like this guy said, in a hypothetical situation where theres no minimum wage, if someone is making a really low salary its most likely not because theyre getting exploited. Its more likely that thats just what their labor is worth, because hes not skilled enough to be more productive and offer more value to a business
I'm a software developer. I got my first internship straight out of high school earning $17/hr because I spent all my free time in high school coding instead of partying and meeting girls. How is it fair for somebody with zero skills to make 15/hr when I had to struggle for the same thing?
Depends on what they're doing. It's good you worked hard for it. But if they're doing a really shitty job that you would never want to do why shouldn't they be paid well for it.
@@bigkmoviesandgames well because there *choices* led to those really shitty jobs. I know there is the game of luck & chances but son, I think being in the USA is lucky enough to begin with.
After hearing this guys argument, I can't say he is wrong. He actually makes some good points about minimum wage. I think that I may have been miseducated about this particular issue. I mean it is MY Responsibility to learn and educate myself. I agree with him that by the time I reach a certain age I should have accumulated a number of useful skills. If I do not do that then it is my fault and failure. I am going to have to learn more about this Peter Schiff guy...
Thomas Sowell's stuff is worth checking out as well. He also makes an airtight case against minimum wage - including how it's hurt black youth by making it harder for them to find a job and learn necessary skills.
I went into this video having alot of doubts and they were all confirmed. All this is, is a rich dude complaining that he can't exploit low intelligence, desperate workers.
@@jdogggg9002 someone exploited your low intelligence, by making you believe the lie of minimum wage. Sweden and Norway don't have minimum wage and they are doing just fine
@@jeanlepage4264 Sweden doesn't exploit their workers, moron. All of their payments structures are negotiated by unions and arbiters. It's not possible to hire someone for $5 an hour there
I have no college degree. I got a GED. I don't have any special skills or training. I've never made minimum wage in my life. If you can pass a drug test. Aren't a criminal and can move 50 lbs. You can get a job that pays nearly twice minimum wage. You have to actually want to work though. Edit: In America at least. I can't speak for the conditions of parts of the world I have never lived in.
By doing what? I work hard,have no convictions,completed high school but earn close to minimum wage. Why? Because my country has one of the highest immigration levels in the world and the well of people who will work for peanuts is endless...
Just because you were able to be successful doesnt mean the system is ok. That kind of reasoning can be used for anything, " oh well my daddy use to drink drive all the time and never got into an accident, all u gotta do is keep ur high beams on". come on man...
I would agree, I use to do "low skill work" for $8 an hour and worked towards doing better, it taught me to be better with money and also encouraged me to make more, now I can live comfortably.
The problem is that many jobs are low-skilled labour, and these are still essential to the economy. Should these people not be able to afford to live? Should unskilled labour only be an option for people who don't need to support a family? That feels pretty elitist. If someone is working full-time to stack shelves or wait on tables, they should be able to earn enough money to live. If the minimum wage isn't liveable, people will just opt to to stay unemployed to receive unemployment cheques - why work hard for a stupidly low pay when you can do no work for stupidly low pay? If an employer isn't willing to pay a living wage, then the employer is immoral. The minimum wage exists to force employers to NOT offer an immorally low wage. If you can't afford to pay a worker minimum wage, then you should not be employing that person, or you need to find a way to pay them. His argument indicates that it's not exploitations to pay a small child in china $0.25 an hour to work hard making shoes, as they agreed to do it. This is bullshit.
I swear I try to explain this some people...we need to learn to stop being in our feelings. no employer is obligated to pay you $15 an hour when you don’t provide that much in work
Exactly! And why the fuck do they have to pay for your healthcare now too? Because of regulations, the people are effectively shutting themselves out of power.
Lol implying that minimum wage workers don't provide more than their wage's value in work output. If that were true companies wouldn't hire anyone at all. The sheer fact that anyone has been employed at minimum wage is proof that they provide a greater value in work output than their wage. Otherwise the business would not profit.
@@jonsmustache7704 Exactly. Companies would not hire anyone at all. In the real world, they'll just hire fewer workers, seek to automate more, charge higher prices, lose sales as a result and finally lay off workers. Thought experiment: if $15 an hour can just be enforced by decree, why stop at $15? Let's make everybody well off by mandating $50. Screw that, make it $500. Problem solved.
Enema Twatson Look i don’t think minimum wage is perfect. But unregulated labour markets are neither fair nor free. The labourer does not enter into contracts voluntary because there is an ever-prominent threat of death by starvation should they not enter into said contract. This gives employers an upper hand in setting prices for labour lower than market equilibrium would have them in a truly free and voluntary market. The only way in which to make labour markets totally free and fair is to institute a universal basic income so that labourers can enter the labour market fully voluntarily.
The speaker's presumption is that people have power to negotiate against a large corporation when they need the job more than the corporation needs them.
The problem with this is that most businesses in america is small business (roughly 98%), not large companies and small businesses want to pay people who are worth the money as much as they can. My father is one such small business owner, he runs a landscaping business, he says "good workers are hard to come by, so i pay the ones i find as much as i can."
R B Because some people think they understand economics and those who have made themselves successful are idiots, while others, like you and I, actually get it.
@First Last it has to do with the fact that you and this video are arguing that there shouldn't be any minimum wage. Its a counter to that proposition. Ironically you just made that comment without watching video I sent
@First Last yes I did. Compared to this one it most certainly does. This shows that you haven't watched the videos And yes I know what it means and used it correctly to describe what you did.
@First Last LMAO where? The entire video is about increasing it to keep up with inflation! Unlike this video which says it should be abolished all together. And yeah that's exactly how you use it. And ironically you just described yourself you're moronic. And even that's an understatement
I've got to admit, he makes some pretty valid points. It's literally your own fault if you're a western citizen and you choose not to pursue greater education, or acquire skills that make you decent economic returns. Future is fucked anyway, every kid wants to be a streamer or something.
Big Grundo I totally agree. However, you bring up an interesting point though. Younger generations are turning to the internet for income. There are pros and cons to that but I have to tip my hat to them. Younger people are starting to stumble across free lance work without even realizing it. With such a narrow job market, younger people are finding new ways to create jobs.
It cost money to gain those skills. There’s also the fact that not everyone capable of doing certain things. I tried web design but found it too hard. To be frank, I’d love to get educated into a better job. But what job can I do?
If frederick douglas can become a millionaire and advisor to 5 presidents while starting out as a slave and teaching himself to read you can certainly get off your lazy ass and do somethin productive
@@dusk1234567890 Learn a trade. Welding pays very well. Any kind of metalworking does, so does construction. Im a soft. engineer and knew plenty of waterproofers who made double what I make. Granted they "work" 65 hour weeks but still man. Possibilities are endless, but they require self investment. Both in time, money AND connections. It is so goddamn important to network, nobody does it, but it's your safety net when you need something.
As someone who has been working for around minimum wage for a decade this has been very true. I started my job when minimum wage here was like 5 or 6 dollars and now it's like 9. Every time minimum wage went up I lose a lot of my raises and eventually a lot of our work force got cut to afford the higher costs meaning more work for me. Meanwhile the costs of everything goes up, so it's like those same people making 9 dollars an hour are still making 5 or 6 to do even more work to make up for the lack of labor in the workplace. I remember growing up in the 90s and my dad would be able to get deals on burgers every monday I believe on burgers for like 35 cents each. Those same burgers today are almost 2 dollars. I also remember this burger joint that had burgers for 25 cents each. Basically if you want to help out the worker making hardly anything make it easier for businesses to start up and compete with each other. The more businesses there are the more competitive wages will get for people, the more competitive prices will be for customers as well. If you want a more recent example look up the car wash industry after the 15 dollar minimum wage got set in place in New York. What happened is a lot of people lost their jobs and started their own business illegally out of vans.
Nobody seems to understand this. They think money grows on fucking trees. If you could actually afford to start a business and make profit there would be more jobs. Sally's shoe store can't afford to pay a some kid 20$ an hour unless the shoes are $150 and then nobody can afford them anyway and the business goes under. Flawed concept
All sounds good in theory until you see it in practice. There are very well functioning democracies much better than ones functioning on the bs that this type of standard fare bs that's been spoonfed into the minds of Americans lol I sort of laugh at how Americans thnk that this narrative is some sort of genius thinking that has gotten them all these "riches". You clowns only got wealthy bexause you very been stealing from people for decades. First it was off the backs of slaves. Then it was through international satellite slave states which you brought through corrupting their govts to do your bidding etc. The entire history and back story if the United states and to this day the market system is corrupt. The stock markets this clown deals in and creates a mess in fails all the time. When it fails he goes to the govt to get bail outs for him and his buddies. Bail outs paid for by tax payers then for another decade he can talk a out how great it is to be "free' and escape the vices of minimum wages so all his corporate buddies can increase shareholser profits at the expense of average people. This guy along with all of you Kool aid drinking clowns have brought into a narrative that you hVe zero clue about. Just regurgitating some 10th grade economics bs which has been on rinse and repeat because it's been very successful for people like this guy who doesn't actually do any real work ! Ask these people what value they have actually provided society? Nothing. This hasn't provided single value to society other than buy and sell fake dollars on a stock exchange.
@@alcxemy With lower paying jobs everything would be cheaper because it could be done for cheaper. The high cost of housing is because the people building houses have to go through a lot of red tape to buy property to put those houses up. A lot of homeowners don't want more housing to be available, because of simple supply and demand. I've seen an entrepreneur in California try to put up an apartment and spent over 3 million just trying to get the permission to turn the laundromat he bought into an apartment complex, but he still couldn't do it.
@@ryuranzou The Price of things today is not soley based on the us. The world economy decides price of living. Gas, cost to get materials from other countries, Ect. You can see it with gas right now they are talking raising minimum wage everywhere because gas is so expensive to buy right now. Not a direct cause of U.S specific economy. With no minimum wage the poverty level would instantly rise because of greedy CEOs wanting more money. People would be forced to take low paying jobs, the economy would not immediately adjust to this. Everything would cost the same for much time to come and the rich would feed off of something like this happening.
Scandinavia doesn’t have a minimum wage. They have strong unions, though. I like that more than a government imposed price on labor. It makes more sense to me that industries produce their own wages levels than the government putting a universal minimum wage. I also think having dialogue between employees and employers related to wages and stuff would make it easier to trust and work with. I do request that waiters and waitresses do get paid enough to not rely on tips. Even as an American, i don’t like tipping. If restaurants can employee people with a more secure wage and rely less on tips i would appreciate it. I’ll pay more for food. I think it’s ridiculous to not only have people rely on tips but also as a customer to feel guilty for not tipping 10-20% each time. Sorry this got long.
To be quite honest with you I work in a restaurant and can tell you first hand some servers can make 1000 a night on tips. They much prefer it to hourly wages as they are paid for their ability. No reason to rush food our if you are all getting the same money.
@@veritasabsoluta4285 you cant claim to speak for an entire class of workers. If you were to ask a group of servers if they wanted tips or wages they should chooses where to work
You know though, that if you do not make the tips enough for over 7.25 per hour the employer is forced to give you the difference?(in the US) Also, my friends have worked as waiters and many of them if not all hide some of their tips, so they are not taxed and bring more money than they have earned on the books (and that is in a country where waiters do not rely on tips, so not only they have minimum wage to live on and still get tips and hide some of their tips).
The intent of minimum wage is that the people who will work low wage jobs do not have the security to reject any wage. Since they must work to survive, they are not “free” to reject a wage that’s too low and will accept anything. Thus, the MW is essentially the government bargaining on behalf of such workers. I think a better solution would be a negative income tax or UBI, that would take the pressure off workers and then give them the freedom to decide whether or not they want to work at any given wage (and then the low skill labor market can become competitive).
I worked at KFC for a few months. While working there they raised minimum wage from $8 to $9. At that same exact time they raised the price for every item on the menu. Now being that I was close friends with the manager I asked why did they do that. His response was that they had a choice. Raise the prices on the menu or let people go. My cousin who worked at pizza hut was let go at that same time. Minimum wage does more harm than good.
Not true. You know how much money those companies make? They most definitely did not let people go because of that. That’s just what they tell the little guys while they keep profiting billions.
People think that wages are set by some monopoly man capitalist,you get paid what you are worth prices are set by supply and demand of labor,if you are worth more you go somewhere else,minimum wage is for people that add very little value to the work they are doing and that is why they get paid so little,if you increase minimum wage you are only pricing low skilled labor out of the market and forcing them to go on welfare.
There isn’t some national monopoly on wages, but there are parts of the country where there is a local monopoly on wages and employment. This only becomes more common when you factor in people who can’t afford a car or can’t rely on public transportation. They essentially become stuck in a monopoly situation where there may be a better paying job across town, but to afford to travel across town, you need a car, so you’re forced to take a low paying job. Peter just pretends like everything is black and white and that the idea of a national market for labor makes sense, when it is many regional markets that make up national labor supply and these regional markets all have their own unique inefficiencies
@@reup2532 These are very rural areas, especially if you are in the West. Even in my poor ex-communist, small country there are busses to villages who are a few thousand people like once per day to the bigger cities or at least a city and to other villages too. Even if places like that exist, they are so small that people probably know each other all of them and are something like acquantances and an employer wouldnt want an acquantance to feel bad and DELIBARETELY give lower wages than he can.
No it's socialist taxes sucking Everton sucking dry and zoning laws which prohibit developers from creating more apartment buildings to accommodate the growing population that drives rent up. That and our government bailing out business which should have failed.
@@dab0331 Restrictive zoning laws only exist because the wealthy people who already own property in California support local politicians who advocate for restrictive zoning so that their property values can be maximized at the expense of keeping out those who don't already live there. That's patently anti-free market, as it's the rich taking advantage of local government to create artificial barriers to entry for the housing market.
In Germany there is something called 'Ausbildungsberuf' it is when you still go to school but want to do more mechanical stuff or jobs that dont require a masters in physics etc. So you gain expierience at work but still get a good education. From my knowledge after your done with school you stay then in that buisness.
Kiosks at max Donald’s are not a higher standard of living, neither are self serving gas stations. Having people there to give you a service is sign that the standard of living is improving.
We also need to look at what is considered an entry level position. When looking for my first IT job when I got out of the Army every company was looking for 8 years of experience with a bachelors degree and certifications or 5 years of experience with a master's degree. I went to the interviews and they were offering anywhere from 8$ - 12$ an hour. They really expected someone with a master's degree to be their Network/help desk administrator for 12$. I got a government job instead starting at 65k.
Based on many of the comments I have seen here, there are far too many people that have no understanding of the concepts of responsibility and accountability.
@Marco Nope, wrong. Nature doesn't give us enough, if it would've, we should have never advanced in society and we should've stayed in the state mother nature brought us in. But it didn't, due to human curiosity. You got a wrong meaning about money. Money is just a medium that allows merchants and buyers to buy goods and services in an easier way. It's what liberates the markets. I think you're talking about lobbyism, in which case it's true that money is used by the rich to get themselves richer and making everyone poorer.
What schiff here is talkibg about is rational choice theory, which applies on the individual level. If you give a normal person a simply choice about money, they will most often make the rational choice, behavioral economics (which is what you're talking about) states that as a sample size gets larger, the tendency of irrational decisions to occur in an economy increases. Even in behavioral economics it still states that the individual tends to be rational
It’s simple, I have 8 employees(all entry level position) making 7.50 now I have to pay them 15.00 that doubles my wages. So now I have 4 to 6 employees. Who does that help?
The people actually making a decent amount of money? The issue is that many companies could afford to pay more without axing employees. Look it’s either they take care of workers properly, or they pay their fucking taxes so that we can afford funding to help people who need it. These assholes are biting from both sides of the hotdog; fuck that noise.
It means you employ less people, and those people have a better standard of living, the other candidates can find a different job. You are bitching purely because of greed, you’re pissed cos you’re making less
He ignores the only business cost that isn't fixed is labor costs. There's nothing that can be done about costs of equipment, materials, maintenance, utilities so management concentrates ALL it's efforts into driving down labor costs.
When I worked at Panera bread as a teen I made 7.25 an hour and did about $4000 dollars worth of transactions a day. (3 cashier's so somewhere around 10-12k dollars a day). They only problem with the minimum wage is that productivity far outstrips wages, it's too low.
An interesting argument. Though I would have to disagree. You are counting all the money going in when you have to make many more calculations to get profit. Depending on the location the owner is paying for the rent or land, if it is franchised they have to give some money back the the company add in the cost of ingredients and utilities that $4000 gets worn down quite a bit. I was once given some sage wisdom, if you want to be paid good money "be essential and hard to replace". No offence intended but as a cashier it is not how much money in transactions that passes by you that defines the amount you earn but the lack of you yourself being hard to replace combined with the relatively small effort and risk that operating a register all day entails. The owner may make a huge ton of money from the collective efforts of the staff of your facility, this is true. However if capitalism works as intended more jobs will be created when that money that is not pulled out of their taxes is put towards the creation of a new location and many more jobs. Having worked for minimum wage I can see where you are coming from. It is certainly not something you can easily live off of, especially in most cities.
@@jessinator666 @chaosavenger2 It should also be noted that the vast majority of restaurants (like panera bread) fail. The owners who put up all the money and risk, and time / stress, etc, lose all of that. Everyone wants to complain when that business does well and makes money, but i don't see anybody donating cash to the owners to keep their small business afloat when it's dying... especially in this covid time. small businesses are shutting down left and right, and people are still crying about minimum wage to be extracted from those businesses.
Jessinator dropped a huge truth bomb. That productivity does not far outstrip wages when you factor all the costs it takes to run that business. If the business you're working for fails after increasing wages and you lose your job what would be your answer? Find another job, right? Why would it not be the same solution if you felt you were being underpaid by the employer? Why force the employer to pay more rather than find an employer who pays more for the same job, keeping the market competitive?
Peter's problem is he doesn't want minimum-wage workers receiving profit sharing. If minimum wage earners received a fair share of profits based on what they helped create you guys would have to be paid around $100,000 a year. If we lived in a profit-sharing based economy he would be arguing *for* minimum wage because unskilled workers would be making too much.
New York City in 2018 and 2019 experienced its first back to back years of job losses in the full service restaurant industry in decades after sharply raising their minimum wage. And that was before the externality of Covid-19 put the screws to the industry.
@Joshua Halsted The modern issue is that most unskilled work has become elastic, meaning that it can become replaced by automation. Minimum wage works under the premise that work is inelastic, but in 50 years we can expect that a) most factories will be overseas in third world countries, and b) the factories that remain will be fully automated where even machines will be sweeping the floors.
The Scandinavian countries actually have this better figured out than the US does. When you have a blanket federal minimum wage, the prices have to go up to compensate, which is fine because it really doesn't change very much in terms of purchasing power. Everyone compensates by raising prices or lowering hours until demand starts to pick up due to the lower class having more money, which forces companies to raise worker hours again and raise prices to compensate. In the end, purchasing power returns back to the equilibrium it was before the wage bumps. In comparison, the Scandinavian countries have no minimum wage and instead choose to strengthen labour/union rights so that each industry/company can negotiate their own minimum wage, which has the effect of allowing people to receive the benefits of their company's growing wealth without having to deal with the increases in price that occur across the board like they do with a federal minimum wage hike. In this way, workers actually have an incentive to make their company successful because their union rep will be able to negotiate them better wages with growth, while also giving them a reason to care about the company's ability to compete on the open market. Instead, what you have in the US is a union that isn't accountable to the business and a fight for a minimum wage that doesn't really help them very much in the end. We are manufacturing class conflict with our shitty policies instead of allowing a collaborative effort to lift all boats.
Yes that sounds reasonable, because the workers are actually productive and getting paid according to how the business performs instead of a fixed minimum wage regardless of business fails or succeeds. That's a mixed approach.
@@mnikhk To be completely honest, I've kind of changed my opinion lately. Regardless of how low the wages are, as long as there aren't undue barriers to entry for competitors as a result of state interference, the prices of goods/services must conform with what people are able to pay. The problem is that America is largely a debtor nation atm and the significant deflationary effect that would occur if everyone was paid the market rate would cause the country to go bankrupt. The consequences of the current system, as well as the consequences of any market environment which raises wages above market levels, is that there must be less employment in those industries and lower social mobility because the consumer is only willing to pay a certain amount. Ideally, if we could get both wages and prices down we could maximize employment and significantly increase the individual worker's job security in an environment where they really could just walk down the street and find another comparable job, all without lowering their quality of life. This would also eliminate the need for welfare because that person could always be employed, even while they are looking for a better job. While I still think union negotiation is better than a federal minimum wage, allowing the market to decide ironically seems to be the better scenario for worker rights.
@@MultiHobos there are far more losers than winners in market competition so the effect isnt nearly as bad, but you're correct. The ideal scenario would probably be to allow business to keep wages the same but to hire more people as demand increased. The roundabout effect of maximum employment means higher wages and higher job security that eventually balances out as prices stabilize and it allows employees to tell shit bosses to go fuck themselves because a comparable job is just a Google search away.
This guy spoke exactly how I feel. I want to do sprinkler fitting in construction and commercial. Why do I need a GED to do so? It’s a requirement. Why? Why does an insignificant piece of paper hold power over who I am as a worker and my work ethic?
I took 4 dollars a week in HK and my health declined. The employer just want me to do whatever he asked. Transporting goods, cleaning, stocking, organizing stock room etc. In other jobs I just got send to other departments whenever there is a need. They won't use the extra money to improve the working conditions. I feel like I sacrifice my knee to earn only a little compliment. The most important thing that I learned is that don't be too nice to do whatever I was told even when I think it would be nice to help, not to mention they will ask it again. This is because when they see chances to exploit, they exploit it hardly. This world is just a hell, and now I am learning to be socialist.
Jamie is educated and skilled and he’s an actual audio engineer. Plus he can pull it up. PULL THAT UP JAMIE. See? Pulls it right up.
"Jamie, would you be my b*tch for $1?"
He got an A in physics
@@mistersonnen848 zing
🤣
would have been so funny if Joe said that hahah
As a student in Ontario Canada where the minimum wage is $14 an hour, it’s incredibly difficult to find a job and the few jobs I had required a shit ton of work cuz we were understaffed.
That was raised to $14 overnight from $11. Imagine owning a coffee shop and having to pay all those employees an extra 25% overnight? It was a political move
I left because we were understaffed and overworked because he had to let some people go. He eventually went out of business
@@markymark93 True story. It's crazy how simple this really should be. If a coffee shop puts up all the risk, and overhead, your employment has to bring enough revenue to generate a profit.
If you're only generating profit at 10/hr, you should only get that. If the government then jacks up the m/w to 15/hr, well, looks like someones getting fired, and someone is going to have to pick up the slack and do more work...
Not exactly surprising a coffee shop would go out of business during a worldwide pandemic. Of course it’s hard to find a good job as a student now, but even at $14 an hour you didn’t want to do the work. How hard is it to do a “shit ton” in a freaking coffee shop? Would you prefer to work in a coffee shop for $8 hr?
@@aaronboldt3523 it's a total question of productivity. You could have 2 employees doing the same job. One could pump out 100 coffees an hour, the other is a lazy ass and can only make 20. Why on earth should they make the same amount... If one is producing 50/hour of revenue, and the other produces 5, this shouldn't even be a discussion lol.
Plenty of people just get a minimum wage job, and aren't productive at all, so they don't get raises. Then complain that they should get money, so the government instead of saying "work harder and produce more money for that business" says ok we will raise the minimum wage.
I spent 5 years in Switzerland, where minimum wage doesn't exist. I never earned more in my life.
Nope. Switzerland has a minimum wage which is pretty high by the way (around 22 dollars).
But they do have collective bargaining, which this idiot also opposes. That's the part of "countries do better without min wage" that Peter Schiff would conveniently leave out
@@jacklan4103 yepp. You're right... My brother works in a branch in CH where the have one. Thanks for the correction!
How did you feel about the socialized healthcare? I've heard good and bad things about it
@@jacobwilliams9736 too expensive but if you happen to need any medical-related service, it's the top of the top. I don't like that it's mandatory tho. My wife paid around 400 and I paid 550 a month (you see how much money we left there in a 5y period!!), and my wife had to go to a doctor only once in this whole period... wasting about 60k for a service we didn't really need nor asked for kinda hurts. We come from a country where it's "free" (nothing is actually free in this life but you get my point) whether you're employed or unemployed! Now we're both self-employed and it costs us 110 buck a month for BOTH of us! Now that is something I can accept...of course if we need a scan or an mri for example, we have to wait several weeks where in Switzerland it would have been the same day, but that's not really a key argument since we're not 80yo and don't require healthcare services on a regular basis anyway
For small businesses, an increase in minimum wage gives them 3 options:
1) Increase your prices, which may reduce your customer base and revenues
2) reduce your profits
3) Employ less people
Option 3) is normally the preference.
No. Because minimum wage means people have more money to spend in their businesses, which raises their profits.
@@cockoffgewgle4993 correct. Also, there’s an increase in productivity and a decrease in workers turnover.
@@cockoffgewgle4993 How can they spend more money when they get no job in first place? Where is the logic?
@@aaaaax927 They do have jobs. Companies don't immediately sack everyone if they have to raise their wages. Companies employ people because they need them. They still need them if they cost more.
@@cockoffgewgle4993 Yes, but the company still lost revenue, because if they have a worker that they paid 5$ and now they have to pay them 7,5$ for example the company lost 2,5$, but you say it will increase spending which is true so if someone comes and buys a cupcake for 2,5$ the company didn't generate 2,5$ in pure revenue. Maybe 1,25$ so they still lost 1,25$.
Be like Joe.
Disagree
Lets the man speak and voice his thoughts fully.
Input your disagreements and listen to his rebuttals.
Be like Joe.
@trufiend138 give me a time stamp when that is said.
@@LeftIsFascist The time stamp that guy is supposed to give is 0:56 where Schiff actually has context to the statement in question.
@trufiend138 what? sounds legit. youre conflating the 2 options. its not one over the other.
Be like Joe.
This comment didnt age well with the first debates of 2020
i agree with him on the premise that the minimum wage killed jobs for teenagers to get experience. kids use to get jobs and later became skilled workers.
Now we gotta use our free time to develop our skills
@@kingkoi6542 they always did that, in fact thats what some free time needs to be used for. My thoughts on min wages is that in a proper system it should not need to exist, however, now I think the economy makes it so that minimum wage is needed only because it and many ither choices caused money to be less valuable, if it didnt exist and other policies didnt exist to cause money to be less valuable (including high taxes) then less money would be more acceptable because it will pay more than current wages. Min wage and other policies cause inflation which makes money worth less and less.
@@thunderlifestudios Yes but implementing minimum wage isn't going to end the inflation or devalue of dollar. Instead it just puts more strain on the individual and small business who now get fucked over from GOP restrictions. More restrictions = a less free market. But of course restrictions are necessary on labor rights, environmental impact and decentralizing monopolies as well as some other facets.
@@kingkoi6542 I agree with you but in our free time we can teach ourselves skills that benefit us outside of work
I'm personally trying to find a passion to learn. Its overwhelming but I try
@@rickDArula I recommend you start writing, just get your thoughts out and self reflect. But like you said, your passions.
Joe listened and challenged his view. Exactly how arguments are supposed to be. Be open minded
100% agree. It's amazing how so many people don't do this when it only makes sense. Why should I listen to you if you won't listen to me.
yeah, but he isn't exactly competent in every single thing that is brought to the show, it's impossible for anyone, he should have gotten someone on the other side of the debate.
“If you can only earn a minimum wage, you shouldn’t have a family. You should realize, hey I can’t afford a family yet. Let me acquire the skills before I start fathering children and getting married, let me make sure that I can support myself.”
Don't be ridiculous, I will have someone else help me raise my children. That way I can never become a real man and raise my own kids and be responsible. When is that ever a problem? right?
@@josierunyan8545 making a conscious decision to not have children until you can at the very least support yourself is not "looking at it from a superficial level." These "women" you speak of have choices and with choices comes decisions and with decisions comes consequences. Condoms are free with minimal effort, and if this is too much work for these "women" make the guy supply them "no glove, no love." If these "women" are as poor as you say they are then they would be eligible for THOUSANDS of dollars for a secondary education. FASFA max is over $6000 a year, that's more than enough for "most" state colleges to go at least part time if not full time.
This is a morally bankrupt statement.
Looking it at the wrong way man
Ask Japan how well that has worked for them. They have the oldest population and in the next 40 years will be obsolete if they continue in the direction. They are heading. On the other hand China & India biggest strength is their population. It's not black & white as yawl are trying to make it out.
I didn't know Greg Popovich was so versed in economics. 😂
That's hilarious. No Pop is an idiot at everything except basketball.
*Gregg 😛
Raul Flores Made at least one idiotic move by taking TD out and giving Miami a championship they already lost. And he did thst for 2 plays.
He isn’t
This guy is way more attractive than Greg Popovich.
When I was a early teen my first job was $5 an hour. As a dumb young male being at work kept me out of trouble. It also put money in my pocket to get a car and take girls on dates and have a real social life that didnt involve the Internet. That self confidence and work ethic from my own accomplishments has served me well my entire life.
l D and how long ago was that? $5 an hour back then is not $5 an hour now. So you were probably making more than minimum wage would have been. I don’t see your argument.
@@IWantToOutliveMyChildren 25yrs ago. Minimum wage was $4.75ish. My argument is that young men are not worth a whole lot because they have energy but no real skills. I was allowed to sell my time and energy for a small amount of money but it made a large difference in my life choices and outlook.
Rab1d Koala Working to learn is what he is emphasizing, and it pays off in the long run, instead of only working for the money and leaving it at that
That’s minimum wage now
Ok boomer
Peter Schiff is pretty much flat-out one of the most informative person out there.
I live in Singapore and everything he says is spot on. Singapore is actually fairly big government where its citizens have to contribute a small percentage of their income for healthcare and technically you can't even really own houses here, instead you lease them from the government for 99 years.
But the government is actually smart enough to have one of the lowest tax rates and not have any minimum wages. The quality of life is pretty much the highest in South-East Asia and comparatively to many places in the world.
The US will never be singapore
Peter Schiff advocates against government he doesn’t think that all people deserve healthcare. In fact the USA is the only country who rips billions in profits on human suffering.
I’d rather not own the house and pay government taxes knowing that everyone has an access to quality healthcare and education.
@Dustin Stich Tell that to the someone who got laid off and lost insurance. Get back to me and let me know how it goes.
@Dustin Stich How about if my leg is broken or I have a bad case of covid? What if I'm going thru chemotherapy? Think man
@Dustin Stich Yeah dude you're an asshole and everyone who reads that comment is gonna probably agree.
“Working for $1 an hour is better than $0 an hour”. Amazing analysis and insight there
Ahhahahahha
Great understanding of both micro an macro economic! This shit is ridiculous
Fax
Unbelievable in his thinking. $1 is better than zero, one cent is better than zero.
He tried to soft pedal it for the dim CZcams crowd.
Every time joe challenges him, he responds with a detailed, comprehensive answer that sounds absolutely logical. This guy definitely knows what he’s talking about.
Look up his stuff from 06 predicting the housing bubble
@Drinkin dat Hemlock You mean the Richard Wolff making emotional appeals, and presenting false dichotomies, and never actually addressing the issue that he himself brought up in the first place? Yeah, consider me underwhelmed.
I wish has spent more time on the notion that those with minimum wage jobs suffer most from the price increases caused from higher labor costs. Because it's not just that the cost of goods and services go up in general, The cost of goods and services goes up disproportionately for the goods and services relied on by.... People working a minimum wage job. Where do low income households buy their groceries? (places that rely on minimum wage workers) Where do they go out to eat? (places that rely on minimum wage workers) Where do they buy their durable goods? (places that rely on minimum wage workers) Where does almost every nickle of their income that isn't paying a bill go? (places that rely on minimum wage workers)
And if the jump in minimum wage is big enough, the bad effects can basically start a feedback loop not only do minimum wage workers rely on places that pay minuimum wage, places that pay minimum wage also rely on the business from people who make minimum wage. The buying power of their inflated dollar goes down, they buy less. Customers buying less means lower sales volume, lower sales volume means higher prices, higher prices means customers buy less... lather rinse repeat.
Drinkin dat Hemlock I listened to his take on capitalism and social unrest with the reopening of businesses throughout the country. Our business reopened and almost everything he said was going to happen was either wrong and didn’t happen or he was right and it did happen but he made it sound bad and it was actually really good for our company. This was a personal experience so I won’t apply it to everyone, but it also makes me never want to listen to him again because he was literally wrong about every single thing that I experienced when reopening.
True, but Joe is one if the most uninformed and ignorant libtards on the internet. Joe is fun to listen to, but he’s a dope.
I remember teenagers used to have jobs at the grocery store helping people carry their groceries out to their cars. Those jobs have been long gone due to minimum wage laws.
They still do that at safeway..
Yes, it's better that people are forced to spend all their time earning a wage that cannot cover their monthly bills...
vgrace78 ok boomer it’s 2020
@Mike S I'm curious why you think it's a "zionist" thing? And what exactly is that? Are you a zionist only if you believe in your god given right to the lands of Israel, or is every person of jewish decent a zionist? Or do you have another definition?
@Mike S anti-semite
I live in Norway, a social democracy, and we don't have a minimum wage. It just doesn't make any sense.
Literally writing my university report on minimum wage and it’s effects on employment, wage inequality and household poverty.. this will do nicely as background noise
Literally
Can I read it
Economics doesn't care about your feelings.
Brian Jones ah the right wingers. My feelings agree with this so therefore it is 100% factual.
Peter Schiff has no credentials as an economist. He’s an awful investor too. www.nakedcapitalism.com/2014/02/peter-schiff-wrong-everything.html
I agree with Omar, this is characteristic classical economics. From the two or three schools of thought that I've studied beyond a cursory glance, the model Schiff is explaining has the fewest holes or controversies, and actually provides a better stimulus in the long-run. The rest is just short-run adjustments, as opposed to politics, and many economists have argued this.
Brian Jones i agree, but you’re mom does.
@@johnadams8371 "feelings"
Sounds like a fun way to describe the stress of having 3 jobs which are all massively underpaying them.
@@LeeH688 Doesn't matter his credential, if he is talking facts, then his argument is still credible.
No matter your opinion on minimum wage, this is an interesting take on it.
@Mike S It's strange you know so much but can't spell "too" correctly half the time.
Mike S can you elaborate on this...
@Mike S Oh, sorry. I thought I read it in the title.
no it's not. It's just rehashed Austrian school talking points. The vast majority of people employed at minimum wage remain so for the duration of their life with no educational prospects. People's jobs are almost entirely dependent on the jobs of their parents. There was a long period where workers in the US werne't paid a minimum wage and the Southern states attempted to secede to keep it that way.
@@gamerknown Yeah.... You're right. It's slavery. Everything is slavery. You're right about your response because you show some faux care about slavery on the internet, so clearly you are an honorable person.
Give me a break.
I remember back in the 90's I worked 2 jobs in a small town after school from age 13 to age 15. I swept floors and washed helicopters for $6 per hour then I went and washed dishes in a restaurant for $6.50 per hour. My two employees didnt like each other so they kept raising my wages .50 cents every so often haha. I eventually moved to a bigger city when I was a little older, had a decent resume at 17 yrs old, asked for a job working construction, got it immediately. It allowed me to save the money I needed for nursing school. Now I have a good job in healthcare. Im not sure my path would have been so linear if I hadn't had those 2 first jobs at such a young age. Im with Peter here. He speaks logic. I see kids today that are 19 or even young adults like 20-23 that have no job experience
There's the rub. You went into healthcare. Everyone goes into healthcare or government because the private sector doesn't pay enough, while the healthcare and government jobs soak everything up in the labor market.
Look deeper and you will find the truth. Stop focusing on minimum wage. It's the fact that the government and healthcare can keep paying ridiculously high wages because of huge deficits (government) and premiums (healthcare), driving out the private sector. That's what is really happening.
That's nice for u, but inflation, and employers aren't the same.
So your experience is 22+ years out of date and almost on the level of someone's grandpa saying "when I was your age, I got my job by walking right up the manager, shaking his hand, and telling him I wanna work hard" because he doesn't understand how competitive education and jobs have gotten in decades.
@@chuckgreen3629 amen
Bullshit
In a manufacturing or other automated environment, you don’t learn proper skills (more and more industries these days). You learn to push a button and move a product. Just above that you have laborer foreman, then the engineering and top brass. You cannot ‘work your way up’ in the same respect as you could 70 years ago.
Thats not entirely true. CNC just "push buttons" but it's more involved than that.
In machine shops in the northeast there is a huge demand for skilled machinists, programmers and engineers. In the small aerospace shop that I'm at now shop floor personnel make anywhere from high teens in burring and shipping, to 35+ for lead positions. All jobs are posted internally first. In fact, I was hired from within from milling to engineering about 2 years ago.
In my experience it is mostly a question of effort. I can think of quite a few operators (button-pushers) that constantly complain they aren't paid enough, but still refuse to learn any new skills or give more than the lowest possible effort.
Thanks, wanted to say this... If we just let people with good enough jobs and pay have a family good luck finding future generations. There are not enough jobs to climb your way up.
About entry level jobs you can simply put an escalating minimum wage from 15 till 25. At 25 everybody should want to be able to make a livable wage, even if it is the minimum. If he doesn't have good enough skills to even get a minimum job, just call it an internship and let him learn and pay him whatever he ia worth...
BS. I started as an entry level operator in a factory. I noticed several opportunities to improve product flow and presented my findings to my boss. My boss showed his boss. I got a promotion. Then another. Then the big boss gave me a project to improve efficiency in the entire factory. I had workshops with all the operators since they were the experts. They gave me ideas. I implemented them. Now I’m a senior manager. I went from a temp worker to second in command of the site. It’s possible. Don’t tell me it’s not.
@@kevinremsen5627 you wore out those knee pads, huh lockjaw?
Gasp, he thinks you should be responsible and have a decent job before you become a parent! Blasphemy!
He's rite as many people who reproduce do not make the income to barely support themselves, Why should you penalize the Tax payer to subsidize ones income, Food stamps etc. because they decide to pump out 3- kids, and pass the burden to the Tax payer. It's Bullshit.
Wes Harrington What’s bullshit is how the Republicans FUCK UP THE ECONOMY ( Wall Street 2008) but then go ahead and put illiterate republicans on tv telling us how people need ‘work harder’ go fuk yourself.
@@Soundofsilver2007 Democrats fuck up economy. They want more government regulations want more safety nets wants free education and free health care want to raise the minimum wage all things that hurt the economy. Repliblicand want to limit government control thus making it more capitalist which is the true best economy out there.
Tony Boy tfw people don’t understand democrats in the past had the same values as modern republicans and just switched the names 🤦♂️
@@Fanofmusic106 only party Ive seen fuck up the economy are republicans. Thats why Democrats always have to save their lying dumbasses.
Bring Peter Schiff back everything he said is coming true again.
JJoe what sort of stuff did he say that wasn’t true?
It was always true
@@reterumstrict1091 everything he said was wrong.
@@reterumstrict1091 we've been over this as a society already. See industrialization. Child labor and litterally working to death for a crumb is the result.
Petah Runs the jewels We aren’t in the times of industrialization there’s now tons of government regulations reguarding the workforce that weren’t in place back then designed to help workers
The moment I got put off minimum wage was when the MSM started highlighting middle-aged women who had been working at Walmart for 20 years and obviously had no intention of doing any better, fighting for $15.
It's crazy out there.
I remember that story, it really ticked me off. In 20 years she couldn't do anything but be a cashier at Walmart? Never progressed to a team leader or whatever or tried to find a better job. At some point, you have to take ownership of your own future.
@@mh_golfer It's basically putting inexperienced young people out of work by trying to make entry-level positions a career.
“The minimum wage law is a law requiring employers to discriminate against low skilled people.” -Milton Friedman
The minimum wage law were established to give employees more power. Infinite skills does not equal infinite money. Without a minimum wage sweat shops will exist. With a high min wage everyone with a Job will have a good standard of living
@@jameswhite3415 Except what happens in reality is you have less employees doing more work.
If I own a movie theater it costs $5 for a front desk worker, I can hire a bunch of them because it's affordable. If I'm mandated to pay them $15, I'm just going to hire 1/3rd of the workers and make them do 3x the work.
@@tydal6516 Which creates more opportunities and better jobs. Rather than having a majority slave class and an upper class we get to have a middle class from min wages. Who spends more money. 1 guy who makes 10 million or 10 guys who make a million? Milton Friedman is nothing more than a bootlicker.
@@jameswhite3415 ( 3 people making $5 ) or ( 2 making $0 and 1 making $15 ). Which has more income inequality?
@@edelbarcenas4672
You don't have the morals and you don't have the logic. Three people making 5 an hour are not going to be able to go to the movies. 1 person making 15 will have enough money to spend to create more 15 an hour jobs. You are such a bootlicker. Oh please throw your penies at me from your wagon sir!! Yes it's okay you killed my kid you gave me money!!
Milton Friedman approves this message.
At first i thought i was actually listening to him
@@guilo123456789 Mr Friedman explains it better.
And the people of Chile don't
Milton Friedman actually advocated a negative income tax on low incomes, so if you're working at $5 an hour, you would receive $2 for instance (or whatever amount is chosen) for a total of $7 an hour. This would employ the person creating a new good or service and you're paying $2 an hour instead of $10-$15 otherwise in benefits and unemployment, so the taxpayer is actually saving $8-$13 every hour by having people work low income jobs. You'll also have other added benefits like less crime since people will be at their jobs instead of bored on the streets.
@@yolok3 True. The Negative income tax. Well remembered! It´s a great. Make the State useful and helpful creating jobs for people.
Thomas Sowell is someone to look up for more on this
also try Richard Wolff, he as well speaks out on this issue
@@nickcrompton1728 Wolff is a walking fallacy
Try Milton Friedman!
Walter Williams is probably the most invested in this, seeing as he was a teenager who in part lost his job because of this.
The Sowell man
Peter is 100% right. Minimum wages hurt poor people the most because makes it impossible to hire them for anything less than the government mandates. As a result, those jobs (and opportunities) don't exist for the peoples most in need of them. Minimum age advocates love to talk about the winners in a minimum wage hike but they are silent when it comes to all the jobs lost and all the jobs that are never offered because it would uneconomical to do so. No sane employer is going to hire someone it he loses money as a result. That fantasy only exists in an academic's research.
Thats Why i love Europe, we dont have slave wages.
@@olliegreen3446Are you saying europe does or doesn’t have minimum wage laws?
@@liamrmorgans921 they do, just better minimum wage laws than the US. Here if ur a teen ur paid roughly around 20 to 24 dollars an hour. But more as an adult.
@@olliegreen3446 i dont think you read the op comment properly
Why's the unemployment the lowest it's ever been right now? This is what I'm grappling with. If minimum wage hikes prevent job creation then why is the unemployment at a record low. I'm not saying Peter Schiff is wrong overall, I oppose the minimum wage as well.
I have watched this video many times before, but as soon as I heard that California voted for an independent kangaroo council that will raise the minimum wage to 22$ dollars an hour I came back to rewatch it again.
It’s nearly impossible to get a job in California if you are under 18.
Que??
They say need work experience. But I understand why pay a 16 year old 15 a hour when a 30 year would do it for the same price. They obviously are more qualified.
do you have any engineering or medical knowledge when you’re under 18? there’s a reason people under 18 can only work certain jobs.....
@@found_my_chapstick190 you dont need those skill to work at minimum wage loll
Ac Maiden good one. you’ll go far in life.
Stop trapping people at entry level wages and give them performance based raises opposed to date of hire/anniversary raises. Keep people competitive in the work place. Pay people based on productivity and consistency.
littlenicky419 this used to be the case before minimum wage in many industries but when you have to pay everyone the same regardless of productivity it leaves less money to do this. What you see now in states where they raised the minimum to 15 companies ask for 2-5 years experience on entry level positions basically putting anyone with no experience out of the market not to mention that most employers then automate and cut their workforce leaving people unemployed. Minimum wage jobs used to be for teenagers to help them gain experience so by the time they were 21 they had enough experience to move on. It’s interesting to hear first hand accounts of what life was like before minimum wage laws, it predominantly impacted and targeted the black community many accounts talk about how before they even put a dollar minimum wage they were making a 1.50 and after the minimum wage they got fired and replaced with a white teen for a dollar
In removing the minimum wage, companies would have a race to the bottom wage drive. Markets are cold-hearted. They don't care about their employees, just their profit margins.
harry parker many countries in Europe do not have a federal minimum wage and yet there average wage is higher then ours. Many nations with better average income then us also don’t have a minimum wage. That’s not how economics work companies will always pay for good talent because if not they’ll fall behind to the competition. A race to the bottom is actually what you get with a minimum wage because you have millions applying for the same low skill job and they don’t have to negotiate or improve working conditions because they have so many clamoring for the same job .if companies were forced to negotiate for every single worker or lose them you’d see higher wages . And in areas where the wage does go down it would help low skill young people actually have a chance to get a job and gain experience instead of being forced to do a no pay internship because most companies that pay 15 an hour want 2-5 years of experience
Also in places like New York or Washington, they LOST jobs and even though employees were making more per hour they saw a wage cut of at least 250 because companies just cut hours or automated . People need to realize minimum wage jobs were never meant to be career jobs they were meant to gain experience to move up or move on. And minimum wage also kills competition and drives up prices because for the companies that don’t slash hours they just pass on that cost as a price increase to customers which basically cancels out the wage increase because those same workers end up having to just pay more for the goods they buy. It used to be that going to college was optional you didn’t need it to make a good living and enter the middle class, why? Because you could find a job with a high school degree and within 5 years move up or move on to a hiring paying salaries job. The interview and screening process is expensive so companies used to be incentivized to train and promote from within because people who already had the skills and experience wouldn’t look twice at a management job for a perceived lower tier company . But now with the lack of competition and increases in wages most companies save money by just giving someone who already had the experience the money they want instead of spending the additional time and money on training in house. Even commission incentives have gone away in most places that had them .not to mention the huge increase in outsourcing .when you look at the numbers minimum wage increases doesn’t help the worker it just makes things easier for the big companies to monopolize. You think Jeff bazos increases the minimum wage out of kindness? He did it because he knew his competition would have to also do it in order to compete and most of them wouldn’t be able to afford it long term so they’d go under leaving him more market share.
@@Dtoons53 These countries generally provide big subsidies for low wage work, free healthcare, free university tuition, collective bargaining contracts that negotiate a de facto 'minimum wage', comprehensive + extremely robust union memberships and huge amount of worker protection.
The US is miles away from having any of these things. The idea that a hard-line libertarian government would come in, scrap the minimum wage and suddenly everyone's life is better is just such bollocks.
America is NOTHING like the Nordic model. It's scathing free-market economy. With the kind weak regulation around private sector activity, I really can't see a complete removal of the minimum wage benefiting anyone massively. Just having a job isn't such a great thing when you've gotta work to earn your poverty.
I remember when i was 15 years old and i made $3.75 an hour back in the late 90s. it was awesome, then the minimum wage increased to $5.25 that next summer, and BOOM lost my job at 16. So i had to find another one. THANKFULLY I already had a job and had experience, so i could find a job at $5.25. Anyone else who didn't have experience, had to work for free (or couldn't get a job.)
So minimum wage raised your income
@@cockoffgewgle4993 after i lost my job, i was lucky to find another job 6 months later, but i lost income for 6 months that i never got back. so my income actually went DOWN for entire year. some kids had to wait till they were older to get a job, like at 17 or 18, because minimum wage was too expensive for a young guy who didn't know shit. what minimum wage does, is cut off opportunity for the youngest people which forces them to get jobs later in life. so they can't rack up experience while they are in early high school. that slows the maturity of American young adults in the long run.
@@cockoffgewgle4993 god you're dumb
@@LuisVelazquezLV3 When I started my first job, Labour had just introduced the minimum wage and a raft of worker protections. I benefited hugely. I got what was a shitty job in a supermarket, with a guaranteed decent wage, contract (meaning it was hard to sack me and my hours were guaranteed), guaranteed breaks and a whole raft of benefits.
The data doesn't support your hyper-capitalist view or, at all. Your income went down for the year but almost doubled the next year. Can you do maths? You benefitted from the minimum wage hike. You earned more for doing less work and got 6 months off lol. Without it, you'd have worked 25% harder for less money, over a 2 year period.
"Anyone else who didn't have experience, had to work for free (or couldn't get a job.)"
That's obviously the bullshit part of your anecdotal experience.
@@cockoffgewgle4993 how old were you???
Chris Rock's bit about the minimum wage is classic humor .
The part where Peter talks about raising a family on minimum wage is 100% right. If you make enough money to only feed 1 mouth then you shouldn't create more mouths to feed.
The animal kingdom is like this. Reproduction only when life is good.
Yeah but there will always be people how "only" have such a job with children. Do you want them to starve? Do you want them to be homeless? Because this will just promote another failure
@@ichbinrudi
Those people should take responsibility and pick another job.
@@NihilSineDeo09 you act like that's a possibility for EVERYONE. The capitalist system needs millions and millions of poverty wage earners to survive. So half the country dont deserve to reproduce because our corrupt economic system? That greed mentality is exactly why socialism is getting so popular in the usa.
David Socialism is getting popular because of a naive culture we’ve created. We don’t want to work or improve ourselves, we want handouts and free stuff. Attention spans are lowering and so are the testosterone levels on men. The government has us right we’re they need us, unable to function and with our mouths on their fishing net. Socialism takes power from everyone and puts it in the hands of the few, ironically what capitalism is blames for.
Wow I wish I could pay the health care companies what they're worth to me.
You don't have to pay the health are companies
You’ll say that until you get cancer and then ask yourself want your life is worth, you’ll pay anything you can
You can and then you get shitty health care coverage. Or the government can subsidize it and force health care costs to skyrocket, oh wait...
I pay nothing because that is what they are worth to me. It’s not that hard, I’ve been doing it for years.
Yolo Swaggins do you really think they can help you with that?
In my case, working in HVAC fabricating sheet metal, the minimum wage laws tend to light a fire on upper management to actually go out and get sales, quit skating through life, and actually think about the future generations and the future direction of the company. Upper management got a little too cozy at their cushy jobs, raked in all the benefits, while the workers suffered for years (especially employees who are far older than me).
I mean, when youve worked years and years without stop, maybe even 80 hours per week wouldnt you want at some point to "skate through life"? Also, thinking that many managers especially these at the top are just drinking booze and smoking cuban cigars is stupid. Some do it, and they are not of the most wealthy people too.
To my surprise, i agree a whole lot more with this man than i thought i would.
You should really listen to everything else he has to say too. The demonization of libertarians correlates perfectly with the governments need to self-preserve.
i wouldnt mind having a part time for a dollar an hour, they shouldnt expect me to do much though
The problem is they will still expect you to sell your soul for that dollar an hour. Just because you earn a shitty salary doesn't mean your employer will be content with you doing nothing for that shitty salary.
@@mathewlegrange5880 well then ill quit if i feel im not being paid fairly. Only government has the power of coercion, not corporations. The best they can do is exploit but you have a better chance of rising above exploitation than coercion.
@@antoniorenteria2896 corporations are just as bad as government, if not worse. They have a goal, and that is to make as much money as possible with the least amount of overheads/expenses. If they could have you work for free they would gladly do so.
@@mathewlegrange5880 they are not worse, they dont have the power of coercion and enforcement. They can exploit, which is almost the same as force, but not quite there.
The employer would not expect much from you.
Mason G
1 second ago
I had someone explain this to me once by asking me what I thought the minimum wage should be. I said, "probably $15 per hour" to which he said, "why not $16 per hour?" I said, "ok sure, $16 per hour" to which he said "why not $20 per hour?" I said, "ok fine, lol $20 per hour" to which he said "how about $26 per hour?" I said, "no, that seems too high" to which he said "why?" I said, "I don't know" to which he said, "exactly! It's totally arbitrary and you have no idea why you are selecting the numbers that you are selecting!" He's right, I was just selecting whatever felt "good." Whatever felt warm and fuzzy. It wasn't based on anything.
In other words, say the owner of a small mechanic shop wants to hire someone who is totally unskilled to stand at the door with a clipboard and sign people in for $8 per hour. He wants to do this because he wants to give his business a more welcoming mom & pop type feel which will give him an advantage over the corporate chains. Now, suddenly one day the government adjusts the minimum wage with the stroke of a pen. They have no idea what this business is, how it's run, how much profit they make, who the owner is, or how skilled this employee is. But they now say the owner of that mechanic shop needs to pay this unskilled man a completely arbitrary $15 per hour. Well, the next day that clipboard will be on the front desk and customers can sign themselves in. Meanwhile, the countries unemployment statistic goes up by 1.
Think about that the next time you walk into a McDonald's and have to order from a touch screen instead of communicating with another human being.
Underrated comment right here.
Valid point but there are other things to also consider.
1. Why not just pay the clipboard job for $5? Or find another desperate kid that's willing to undercut for $1/hr? The shop owner can also collude with other shops to collectively lower the price ceiling for labor roles and workers will have no other option but to settle for meager wage.
2. If it is possible for workers to earn only $0.01 / hr, it must also be possible for them to have access to food, shelter, transport, and education that's affordable with their earning
3. The people in higher positions who possess key knowledge may not share what they know (except for a few workers they choose to invest in) in order to protecting their profit margin and minimize competitors.
If we remove minimum wage, we'll need to introduce other forms of intervention to prevent unethical practices
The problem with taking away minimum wage is you're giving trust to companies to not pay the absolute minimum they can pay someone. These same companies who barely pay their workers already to the point that they're all on food stamps while having a full time job. You take away minimum wage you're gonna see a shit load of homeless people in the streets because they cant afford rent. Here in Miami average rent is around 800-900 for a 1 bedroom 1 bathroom a house in a decent neighborhood is hard to find less than 250k+ with a mortgage of 1600 a month while making 3 dollars an hour. If you work 40 hours a week that's only 120, you literally could not afford to live in todays america on 480 a month.
The touchscreens were added as a way to help places to stay open 24/7. They were doing this in Europe, and it probably would have happened regardless of the minimum wage.
Flooby Badoop so how about only turning on those machines after midnight Instead of replacing daytime workers?
The biggest mistake was people voting for all those health insurance laws and making them tied into employment. I've read so many stories about lost opportunities because of health care laws. Bottom line is the more "rules" you make the more opportunity you lose.
did peter schiff just say you need to have personal responsibility??!!!
There’s a video of Schiff at Occupy Wall St and next to him is a sign stating “I’m the 1%, let’s talk.” I listened to him for close to an hour. He knows his stuff
No he dosent.....YOUR just an IDIOT who is easily impressed by bullshit
cody williams explain please because I listen to this guy and he seems to make sense at what point is he wrong and explain why he is and what the alternative is
That's a great video to watch. It's also nice to see discussion as well that I don't think we see in current protests
He also said there shouldn't be an EPA or FDA so I'm not entirely in alignment with his views...
@@ericmanget4280 that's because you dont understand why the fda and EPA are really there. You'll get there, some dont....
This guy is always on topic , Every word that comes out of his mouth is useful information ....
i noticed that too..
He's out of touched as fuck
@@vojislavl6665 * out of touch
@@vojislavl6665 not an argument
He is wrong about pretty much everything every year.
Raising the minimum wage just makes all the prices of everything higher. It’s ignorant for people to think that higher minimum wage will fix any of these issues
No it doesnt. Where is your proof of that concept? There are actual studies about this and they disagree with your factless assertion.
@@MrJaldal there’s also plenty of studies to prove what I said was true. And even if there wasn’t. minimum wage still negatively impacts more than just prices. Such as employment opportunities and small businesses.
@@timc6549 so by our logic when companies cut employees the price should go down right? Except they never do the prices only go up.
7.25 which is the current minimum wage doesn't even cover the cost of lunch, commute, and laundry. Its practically free labor.
@@tatertots0046 minimum wage isn’t supposed to be a livable wage. It should be a entry level position mostly for people to get their foot in the door and start picking up more skills for a better paying job eventually. And most company’s have to cut people from their work force because a lot of small businesses can’t afford to pay multiple people minimum wage. Which can attribute to why we have so much out sourcing in America which also makes it harder for unexperienced workers to find jobs. If you have a lack of experience and I have to pay you the minimum wage or I could get the same product from a worker that I can pay a lot less in a foreign country why would I pay more for someone here in America to get the same thing
@@tatertots0046 overall what I’m trying to say is minimum wage is bad. And raising it would be even worse for this country and hurt the poverty stricken and most Americans in general
Here in Argentina, you pay an adicional 65% of your employee’s salary in taxes, you have a big minimum wage, and if you fire him, you have to pay a massive compensation. That’s why 40% of businesses operate outside the system. Don’t let the government regulate your economy so much.
I thought it was Gregg Popovich on the thumbnail
rayrza2 haha me too
Hahaha same
All those white people look alike.
I would rather become a gangster before working for minimum wage. Short but sweet life. Forget Schiff. Every place has a minimum wage anyways. It's natural.
rayrza2 haha me too😂🤣
I live in a state where the minimum wage is $7.25. My first job (2010) paid me $7/hr until my training period was over. When I left that job 15 months later I was making $8/ hr. Now present day I make $16/hr plus benefits in the same state with the minimum wage of $7.25. I haven't worked minimum wage since my first job and have no plan to ever again. Better yourself and dont settle for less.
hey congrats
Damm minimum wage in the UK is £8.21 an hour which is around $11 an hour so it looks like im better off in the UK
@@warrengouldthorpe5091 yes but look around you at all the people who have come put of terrible comprehensive schools and crime ridden council estates. Do you think they can produce at more then £8.25 per hour? Your VAT is also double what you would pay in the US and income tax kicks in lower then in most US states.
@@Madyoke good point and tax and national insurance in the UK automatically comes out every month so at least we don't have to do taxes every year, but even after tax on a 40 hour week on minimum wage isn't really that much after paying everything out
@@warrengouldthorpe5091 in the states your taxes come out automatically come out if you're a worker and you submit your return each year. It makes you keep your receipts, its swift electronic and easy and usually results in a rebate rather then a bill. In the UK billions go unclaimed for the government to piss up against a wall! Rather then increasing the minimum wage the government can help a lot more by reducing the money taken out of your pocket. Eliminating VAT, tariffs on foreign goods, removing regulations that increase the cost of producing goods. Increasing the size and scope of government and artificially raising wages makes your life more expensive not less. Especially the things poor people spend the most of their money on I.e food,clothing, warmth and shelter.
I thought that was popovich from the thumbnail 😂
The moment schiff said “people make rational decisions” i stopped listening
The point he's making is that if they DONT there is a price to pay. Like if you don't pay your employees enough money you will lose them in a free market. And if you are an employee and accept a lower wage than someone else will give you its your own fault.
@@colineccles5102 That's a sociopathic way of thinking. It's like saying if a car mechanic overcharges an old lady by 80%, it's the ladies fault for not making a better decision. No, it's the mechanics fault for knowing exploiting a weaker person. Lower intelligence/weaker people don't deserve to be preyed upon because they aren't aware enough to make better decisions.
@@jdogggg9002 yeah i mean thats one extreme example, but if the mechanic keeps doing that he will lose customers OVERALL. The old lady doesnt represent the mechanic's entire market, and if she were to ever go to any other mechanic shop if she were out of town or something chances are shed realize shes getting ripped off. People's desire to get the most money for their labor incentivizes employers to treat them fairly or else they will just go work somewhere else. Obviously SOME government regulations are necessary but this is true for the most part
@@Adam-zy9fv not extreme whatsoever. People take advantage of weaker people in that manner often. It's easy to say "make a better decision". How about people act morally? If as an employer you know your workers make you $35 an hour, it's morally wrong to offer $5 an hour knowing they have to take it. Minimum wage is 100% needed to keep workers from exploiting weaker, desperate people. The thought of "they should make better decisions" is sociopathic in nature.
@@jdogggg9002 well personally, im a little torn on the issue of the minimum wage. But in theory, i get what this guy is talking about. Youre right that its morally wrong to knowingly rip off your employees, but its not that i would be EXPECTING them to make a better decision as much as me KNOWING that they will make a better decision so it incentivizes me to NOT rip my employees off. Like this guy said, in a hypothetical situation where theres no minimum wage, if someone is making a really low salary its most likely not because theyre getting exploited. Its more likely that thats just what their labor is worth, because hes not skilled enough to be more productive and offer more value to a business
I'm a software developer. I got my first internship straight out of high school earning $17/hr because I spent all my free time in high school coding instead of partying and meeting girls. How is it fair for somebody with zero skills to make 15/hr when I had to struggle for the same thing?
Depends on what they're doing. It's good you worked hard for it. But if they're doing a really shitty job that you would never want to do why shouldn't they be paid well for it.
Life’s not fair. You get what you’re worth in the end
@@bigkmoviesandgames well because there *choices* led to those really shitty jobs. I know there is the game of luck & chances but son, I think being in the USA is lucky enough to begin with.
@@pranshuanand4560 BS
@@Ian0nymousI which part?
After hearing this guys argument, I can't say he is wrong. He actually makes some good points about minimum wage. I think that I may have been miseducated about this particular issue. I mean it is MY Responsibility to learn and educate myself. I agree with him that by the time I reach a certain age I should have accumulated a number of useful skills. If I do not do that then it is my fault and failure. I am going to have to learn more about this Peter Schiff guy...
BrewskaySA Please don't. His ideas are like communism. They sound great in theory, but utterly fail in practice....
BrewskaySA he is a bullshit artist
Schiff has books you could read. Also, read Mises, Hayak, Bastiat, ect.
What did you learn so far
Thomas Sowell's stuff is worth checking out as well. He also makes an airtight case against minimum wage - including how it's hurt black youth by making it harder for them to find a job and learn necessary skills.
I work with people that make $19/hr, and they are worth $5/hr most of the time. This video helped me form a perspective.
I went into this video having a lot of doubts but dang this dude was convincing
He’s right
I went into this video having alot of doubts and they were all confirmed. All this is, is a rich dude complaining that he can't exploit low intelligence, desperate workers.
@@jdogggg9002 someone exploited your low intelligence, by making you believe the lie of minimum wage. Sweden and Norway don't have minimum wage and they are doing just fine
@@jeanlepage4264 Sweden doesn't exploit their workers, moron. All of their payments structures are negotiated by unions and arbiters. It's not possible to hire someone for $5 an hour there
This guy was acting like everyone should just live at a parents house so a company can keep profiting. That’s absurd.
first answer was "Better than working for zero". Wow!
Back then you could pay your yearly school tuition with 2 to 3 months of summer work
School tuition skyrocketed when the gov made funds (loans) available
@@my-back-yard ya that was a big mistake
man, does this apply to present more then ever.
Where’s the full episode of this?
Can’t seem to find it
I have no college degree. I got a GED. I don't have any special skills or training. I've never made minimum wage in my life. If you can pass a drug test. Aren't a criminal and can move 50 lbs. You can get a job that pays nearly twice minimum wage. You have to actually want to work though.
Edit: In America at least. I can't speak for the conditions of parts of the world I have never lived in.
But that requires work and some people don't want to put in work
By doing what? I work hard,have no convictions,completed high school but earn close to minimum wage. Why? Because my country has one of the highest immigration levels in the world and the well of people who will work for peanuts is endless...
Which country?
nz
Just because you were able to be successful doesnt mean the system is ok. That kind of reasoning can be used for anything, " oh well my daddy use to drink drive all the time and never got into an accident, all u gotta do is keep ur high beams on". come on man...
Minimum wage creates mediocrity in people. They settle because they think it’s a “good job”.
I would agree, I use to do "low skill work" for $8 an hour and worked towards doing better, it taught me to be better with money and also encouraged me to make more, now I can live comfortably.
But those job need to get done
@LM 27 that statement needs put on a billboard. 👏
No one thinks making minimum wage is a 'good job'.
@@thunderlifestudios I'm not sure how you agree then. You're an example of the opposite of what he just said.
The problem is that many jobs are low-skilled labour, and these are still essential to the economy. Should these people not be able to afford to live? Should unskilled labour only be an option for people who don't need to support a family? That feels pretty elitist. If someone is working full-time to stack shelves or wait on tables, they should be able to earn enough money to live. If the minimum wage isn't liveable, people will just opt to to stay unemployed to receive unemployment cheques - why work hard for a stupidly low pay when you can do no work for stupidly low pay? If an employer isn't willing to pay a living wage, then the employer is immoral. The minimum wage exists to force employers to NOT offer an immorally low wage. If you can't afford to pay a worker minimum wage, then you should not be employing that person, or you need to find a way to pay them.
His argument indicates that it's not exploitations to pay a small child in china $0.25 an hour to work hard making shoes, as they agreed to do it. This is bullshit.
Coming from South America. There is one thing that it’s true. Since the minimum wage is so low there. Self service does not exist there
I swear I try to explain this some people...we need to learn to stop being in our feelings. no employer is obligated to pay you $15 an hour when you don’t provide that much in work
Exactly! And why the fuck do they have to pay for your healthcare now too? Because of regulations, the people are effectively shutting themselves out of power.
Lol implying that minimum wage workers don't provide more than their wage's value in work output. If that were true companies wouldn't hire anyone at all. The sheer fact that anyone has been employed at minimum wage is proof that they provide a greater value in work output than their wage. Otherwise the business would not profit.
@@jonsmustache7704 Exactly why we need free markets and education
@@jonsmustache7704
Exactly. Companies would not hire anyone at all. In the real world, they'll just hire fewer workers, seek to automate more, charge higher prices, lose sales as a result and finally lay off workers.
Thought experiment: if $15 an hour can just be enforced by decree, why stop at $15? Let's make everybody well off by mandating $50. Screw that, make it $500. Problem solved.
Enema Twatson Look i don’t think minimum wage is perfect. But unregulated labour markets are neither fair nor free. The labourer does not enter into contracts voluntary because there is an ever-prominent threat of death by starvation should they not enter into said contract. This gives employers an upper hand in setting prices for labour lower than market equilibrium would have them in a truly free and voluntary market.
The only way in which to make labour markets totally free and fair is to institute a universal basic income so that labourers can enter the labour market fully voluntarily.
The speaker's presumption is that people have power to negotiate against a large corporation when they need the job more than the corporation needs them.
The problem with this is that most businesses in america is small business (roughly 98%), not large companies and small businesses want to pay people who are worth the money as much as they can. My father is one such small business owner, he runs a landscaping business, he says "good workers are hard to come by, so i pay the ones i find as much as i can."
The only reason someone would be desperate is if there isn't overall job growth in the economy.
@@krpcannon123 People become desperate when they can't pay their bills, it has nothing to do with the economy.
This. That's why unions are so important as well. It gives employees leverage against employers when negotiating.
With healthy competition you need no unions.
Yet, you people dont want competition .... so there you go.
Thanks guys, y’all just helped me with my Econ essay. 🎉
Peter is spot on with minimum wage, it should be zero.
This made complete sense to me. Why are people disliking this?
R B Because some people think they understand economics and those who have made themselves successful are idiots, while others, like you and I, actually get it.
I didn't dislike it but he's not correct
czcams.com/video/_M3vTvm2cfM/video.html
@First Last it has to do with the fact that you and this video are arguing that there shouldn't be any minimum wage. Its a counter to that proposition.
Ironically you just made that comment without watching video I sent
@First Last yes I did. Compared to this one it most certainly does. This shows that you haven't watched the videos
And yes I know what it means and used it correctly to describe what you did.
@First Last LMAO where? The entire video is about increasing it to keep up with inflation! Unlike this video which says it should be abolished all together.
And yeah that's exactly how you use it. And ironically you just described yourself you're moronic. And even that's an understatement
8:59 summing up the entire argument.
Should the minimum wage be adjusted for inflation or is that too radical?
It used to be. Then at some point Politicians decided "fuck the poor"
That would be like pouring gasoline on a fire
Imagine a world where you put in the work and get hired 100% of the time because there is always a seat to fill and someone that wants to hire you.
At a bad wage though
@@JohnAC4 Better making something instead of making nothing. The minimum creates homelessness
@@freedomliberty83 you should read the ragged trousered philanthropists to see how employers can exploit desperate people, even if they are skilled
@@freedomliberty83 if you make $3 an hour you’ll still be homeless
I've got to admit, he makes some pretty valid points. It's literally your own fault if you're a western citizen and you choose not to pursue greater education, or acquire skills that make you decent economic returns. Future is fucked anyway, every kid wants to be a streamer or something.
Big Grundo I totally agree. However, you bring up an interesting point though. Younger generations are turning to the internet for income. There are pros and cons to that but I have to tip my hat to them. Younger people are starting to stumble across free lance work without even realizing it. With such a narrow job market, younger people are finding new ways to create jobs.
Goebbels is dat you
It cost money to gain those skills. There’s also the fact that not everyone capable of doing certain things. I tried web design but found it too hard. To be frank, I’d love to get educated into a better job. But what job can I do?
If frederick douglas can become a millionaire and advisor to 5 presidents while starting out as a slave and teaching himself to read you can certainly get off your lazy ass and do somethin productive
@@dusk1234567890 Learn a trade. Welding pays very well. Any kind of metalworking does, so does construction. Im a soft. engineer and knew plenty of waterproofers who made double what I make. Granted they "work" 65 hour weeks but still man. Possibilities are endless, but they require self investment. Both in time, money AND connections. It is so goddamn important to network, nobody does it, but it's your safety net when you need something.
Minimum wage is demoralizing and a minimum wage keeps wages low.
I feel like this one point could be expanded into a 2 hour discussion.
"People make rational decisions."
No they don't.
^ When you have never even been in the same room as an ECON 101 textbook.
@@graham6132 if you take behavioral economics you’ll see that most consumers do not make rational decisions bc they often have imperfect information
YOU don’t make rational decisions, don’t let your life experiences cloud your view
@@joshlopez9056 actually it’s my economics degree “clouding my view” but sure okay
As someone who has been working for around minimum wage for a decade this has been very true. I started my job when minimum wage here was like 5 or 6 dollars and now it's like 9. Every time minimum wage went up I lose a lot of my raises and eventually a lot of our work force got cut to afford the higher costs meaning more work for me. Meanwhile the costs of everything goes up, so it's like those same people making 9 dollars an hour are still making 5 or 6 to do even more work to make up for the lack of labor in the workplace. I remember growing up in the 90s and my dad would be able to get deals on burgers every monday I believe on burgers for like 35 cents each. Those same burgers today are almost 2 dollars. I also remember this burger joint that had burgers for 25 cents each.
Basically if you want to help out the worker making hardly anything make it easier for businesses to start up and compete with each other. The more businesses there are the more competitive wages will get for people, the more competitive prices will be for customers as well. If you want a more recent example look up the car wash industry after the 15 dollar minimum wage got set in place in New York. What happened is a lot of people lost their jobs and started their own business illegally out of vans.
Nobody seems to understand this. They think money grows on fucking trees. If you could actually afford to start a business and make profit there would be more jobs. Sally's shoe store can't afford to pay a some kid 20$ an hour unless the shoes are $150 and then nobody can afford them anyway and the business goes under. Flawed concept
All sounds good in theory until you see it in practice. There are very well functioning democracies much better than ones functioning on the bs that this type of standard fare bs that's been spoonfed into the minds of Americans lol
I sort of laugh at how Americans thnk that this narrative is some sort of genius thinking that has gotten them all these "riches". You clowns only got wealthy bexause you very been stealing from people for decades. First it was off the backs of slaves. Then it was through international satellite slave states which you brought through corrupting their govts to do your bidding etc.
The entire history and back story if the United states and to this day the market system is corrupt. The stock markets this clown deals in and creates a mess in fails all the time. When it fails he goes to the govt to get bail outs for him and his buddies. Bail outs paid for by tax payers then for another decade he can talk a out how great it is to be "free' and escape the vices of minimum wages so all his corporate buddies can increase shareholser profits at the expense of average people.
This guy along with all of you Kool aid drinking clowns have brought into a narrative that you hVe zero clue about. Just regurgitating some 10th grade economics bs which has been on rinse and repeat because it's been very successful for people like this guy who doesn't actually do any real work !
Ask these people what value they have actually provided society? Nothing. This hasn't provided single value to society other than buy and sell fake dollars on a stock exchange.
Oh I'm sorry let me take a $17 pay cut to do the same job and to live in a cardboard box
@@alcxemy With lower paying jobs everything would be cheaper because it could be done for cheaper. The high cost of housing is because the people building houses have to go through a lot of red tape to buy property to put those houses up. A lot of homeowners don't want more housing to be available, because of simple supply and demand. I've seen an entrepreneur in California try to put up an apartment and spent over 3 million just trying to get the permission to turn the laundromat he bought into an apartment complex, but he still couldn't do it.
@@ryuranzou The Price of things today is not soley based on the us. The world economy decides price of living. Gas, cost to get materials from other countries, Ect. You can see it with gas right now they are talking raising minimum wage everywhere because gas is so expensive to buy right now. Not a direct cause of U.S specific economy. With no minimum wage the poverty level would instantly rise because of greedy CEOs wanting more money. People would be forced to take low paying jobs, the economy would not immediately adjust to this. Everything would cost the same for much time to come and the rich would feed off of something like this happening.
Scandinavia doesn’t have a minimum wage. They have strong unions, though. I like that more than a government imposed price on labor. It makes more sense to me that industries produce their own wages levels than the government putting a universal minimum wage. I also think having dialogue between employees and employers related to wages and stuff would make it easier to trust and work with. I do request that waiters and waitresses do get paid enough to not rely on tips. Even as an American, i don’t like tipping. If restaurants can employee people with a more secure wage and rely less on tips i would appreciate it. I’ll pay more for food. I think it’s ridiculous to not only have people rely on tips but also as a customer to feel guilty for not tipping 10-20% each time. Sorry this got long.
To be quite honest with you I work in a restaurant and can tell you first hand some servers can make 1000 a night on tips. They much prefer it to hourly wages as they are paid for their ability. No reason to rush food our if you are all getting the same money.
@@maxashby8160 Your anecdote is the exception, not the rule
@@veritasabsoluta4285 you cant claim to speak for an entire class of workers. If you were to ask a group of servers if they wanted tips or wages they should chooses where to work
@@maxashby8160 I'm not claiming anything, you are arguing against statistics
You know though, that if you do not make the tips enough for over 7.25 per hour the employer is forced to give you the difference?(in the US) Also, my friends have worked as waiters and many of them if not all hide some of their tips, so they are not taxed and bring more money than they have earned on the books (and that is in a country where waiters do not rely on tips, so not only they have minimum wage to live on and still get tips and hide some of their tips).
The intent of minimum wage is that the people who will work low wage jobs do not have the security to reject any wage. Since they must work to survive, they are not “free” to reject a wage that’s too low and will accept anything. Thus, the MW is essentially the government bargaining on behalf of such workers. I think a better solution would be a negative income tax or UBI, that would take the pressure off workers and then give them the freedom to decide whether or not they want to work at any given wage (and then the low skill labor market can become competitive).
Though they seem similar, negative rates is something practical whereas UBI would be a total cluster-f
I worked at KFC for a few months. While working there they raised minimum wage from $8 to $9. At that same exact time they raised the price for every item on the menu. Now being that I was close friends with the manager I asked why did they do that. His response was that they had a choice. Raise the prices on the menu or let people go. My cousin who worked at pizza hut was let go at that same time. Minimum wage does more harm than good.
Reality
@@martin_wood common sense?
Not true. You know how much money those companies make? They most definitely did not let people go because of that. That’s just what they tell the little guys while they keep profiting billions.
Amazing conversation - resonates quite a lot to Milton Friedman...the dungeon master
minimum wage comes from the Davis Bacon Act which was passed to block Chinese and black workers from undercutting union contracts.
Then it became selling point of the Left. It feels good
Why is this episode pulled down?
People think that wages are set by some monopoly man capitalist,you get paid what you are worth prices are set by supply and demand of labor,if you are worth more you go somewhere else,minimum wage is for people that add very little value to the work they are doing and that is why they get paid so little,if you increase minimum wage you are only pricing low skilled labor out of the market and forcing them to go on welfare.
There isn’t some national monopoly on wages, but there are parts of the country where there is a local monopoly on wages and employment. This only becomes more common when you factor in people who can’t afford a car or can’t rely on public transportation. They essentially become stuck in a monopoly situation where there may be a better paying job across town, but to afford to travel across town, you need a car, so you’re forced to take a low paying job. Peter just pretends like everything is black and white and that the idea of a national market for labor makes sense, when it is many regional markets that make up national labor supply and these regional markets all have their own unique inefficiencies
@@reup2532 These are very rural areas, especially if you are in the West. Even in my poor ex-communist, small country there are busses to villages who are a few thousand people like once per day to the bigger cities or at least a city and to other villages too. Even if places like that exist, they are so small that people probably know each other all of them and are something like acquantances and an employer wouldnt want an acquantance to feel bad and DELIBARETELY give lower wages than he can.
Milton Friedman has been saying this for years!
*had
Minimum wage is making cost of living in California not worth living.
Ectoplasmic Entity you are an idiot. They have almost nothing to do with each other.
supply and demand is making California expensive. rich elites moving to California for decades. now only millionaires can afford to live their.
No it's socialist taxes sucking Everton sucking dry and zoning laws which prohibit developers from creating more apartment buildings to accommodate the growing population that drives rent up.
That and our government bailing out business which should have failed.
@@dab0331 Restrictive zoning laws only exist because the wealthy people who already own property in California support local politicians who advocate for restrictive zoning so that their property values can be maximized at the expense of keeping out those who don't already live there. That's patently anti-free market, as it's the rich taking advantage of local government to create artificial barriers to entry for the housing market.
In Germany there is something called 'Ausbildungsberuf' it is when you still go to school but want to do more mechanical stuff or jobs that dont require a masters in physics etc. So you gain expierience at work but still get a good education. From my knowledge after your done with school you stay then in that buisness.
In Russia we sent people to Siberia for work.
@@generalkenobi4683 LOL.
Wow, hadn’t thought of it that way before
This is what happens when a comedian and an economist have a conversation
supaman321123 “comedian”
I wish I understood the point you were making.
Yeah. Well, who the fuck are you? What's your credentials?
I thought they both were comedians.
Well to be fair the economic knowledge of the average person is a joke.
I need to make enough to eat and live in a room, while walking away after a month with something left.
Go to Tahiti then you commie scumbag
@TheZoneRanger Good, so you can tell me all about it.
Kiosks at max Donald’s are not a higher standard of living, neither are self serving gas stations. Having people there to give you a service is sign that the standard of living is improving.
True
Max Donald’s
We also need to look at what is considered an entry level position. When looking for my first IT job when I got out of the Army every company was looking for 8 years of experience with a bachelors degree and certifications or 5 years of experience with a master's degree. I went to the interviews and they were offering anywhere from 8$ - 12$ an hour. They really expected someone with a master's degree to be their Network/help desk administrator for 12$. I got a government job instead starting at 65k.
I completely agree!
They want so much for so little!
Based on many of the comments I have seen here, there are far too many people that have no understanding of the concepts of responsibility and accountability.
Exactly someone with a brain !! Why are people having kids when they can even afford to take care of themselves ! That's how welfare began !!!
@Marco why should you if you can only sustain yourself?
@Marco Nope, wrong. Nature doesn't give us enough, if it would've, we should have never advanced in society and we should've stayed in the state mother nature brought us in. But it didn't, due to human curiosity. You got a wrong meaning about money. Money is just a medium that allows merchants and buyers to buy goods and services in an easier way. It's what liberates the markets. I think you're talking about lobbyism, in which case it's true that money is used by the rich to get themselves richer and making everyone poorer.
Robots are getting more ground every second.
I'm looking forward to them wiping us out after reading the comments
Something Peter said is what my father always told me as a kid “don’t have kids if you can’t afford them.
Personal accountability? What's that?
"People make rational decisions." ...no they don't.
Many actually do. But not about everything all the time, that’s true.
What schiff here is talkibg about is rational choice theory, which applies on the individual level. If you give a normal person a simply choice about money, they will most often make the rational choice, behavioral economics (which is what you're talking about) states that as a sample size gets larger, the tendency of irrational decisions to occur in an economy increases. Even in behavioral economics it still states that the individual tends to be rational
Women make rationale decisions...😂
@@NolanMc88_ True story! Richard Thaler won the Nobel Prize in Economics (2013) for that very explanation.
@@NolanMc88_ good point
It’s simple, I have 8 employees(all entry level position) making 7.50 now I have to pay them 15.00 that doubles my wages. So now I have 4 to 6 employees. Who does that help?
albersbrian9549 and they are mad at u bc they are working harder bc of less employees mandated by government
If you can do it with 4 to 6 employees, you don't need 8 employees.
The people actually making a decent amount of money?
The issue is that many companies could afford to pay more without axing employees. Look it’s either they take care of workers properly, or they pay their fucking taxes so that we can afford funding to help people who need it.
These assholes are biting from both sides of the hotdog; fuck that noise.
Nobody is getting help when they’re making 7.50 an hour
It means you employ less people, and those people have a better standard of living, the other candidates can find a different job. You are bitching purely because of greed, you’re pissed cos you’re making less
He ignores the only business cost that isn't fixed is labor costs. There's nothing that can be done about costs of equipment, materials, maintenance, utilities so management concentrates ALL it's efforts into driving down labor costs.
When I worked at Panera bread as a teen I made 7.25 an hour and did about $4000 dollars worth of transactions a day. (3 cashier's so somewhere around 10-12k dollars a day).
They only problem with the minimum wage is that productivity far outstrips wages, it's too low.
An interesting argument. Though I would have to disagree. You are counting all the money going in when you have to make many more calculations to get profit. Depending on the location the owner is paying for the rent or land, if it is franchised they have to give some money back the the company add in the cost of ingredients and utilities that $4000 gets worn down quite a bit. I was once given some sage wisdom, if you want to be paid good money "be essential and hard to replace". No offence intended but as a cashier it is not how much money in transactions that passes by you that defines the amount you earn but the lack of you yourself being hard to replace combined with the relatively small effort and risk that operating a register all day entails. The owner may make a huge ton of money from the collective efforts of the staff of your facility, this is true. However if capitalism works as intended more jobs will be created when that money that is not pulled out of their taxes is put towards the creation of a new location and many more jobs. Having worked for minimum wage I can see where you are coming from. It is certainly not something you can easily live off of, especially in most cities.
@@jessinator666 @chaosavenger2 It should also be noted that the vast majority of restaurants (like panera bread) fail. The owners who put up all the money and risk, and time / stress, etc, lose all of that. Everyone wants to complain when that business does well and makes money, but i don't see anybody donating cash to the owners to keep their small business afloat when it's dying...
especially in this covid time. small businesses are shutting down left and right, and people are still crying about minimum wage to be extracted from those businesses.
Jessinator dropped a huge truth bomb. That productivity does not far outstrip wages when you factor all the costs it takes to run that business. If the business you're working for fails after increasing wages and you lose your job what would be your answer? Find another job, right? Why would it not be the same solution if you felt you were being underpaid by the employer? Why force the employer to pay more rather than find an employer who pays more for the same job, keeping the market competitive?
Peter's problem is he doesn't want minimum-wage workers receiving profit sharing. If minimum wage earners received a fair share of profits based on what they helped create you guys would have to be paid around $100,000 a year. If we lived in a profit-sharing based economy he would be arguing *for* minimum wage because unskilled workers would be making too much.
@@jessinator666 the owners make nothing without entry level workers.
Instead of talking about ideas I wish some states and towns could do experiments and see how it plays out not only with this issue but many others
New York City in 2018 and 2019 experienced its first back to back years of job losses in the full service restaurant industry in decades after sharply raising their minimum wage. And that was before the externality of Covid-19 put the screws to the industry.
@Joshua Halsted The modern issue is that most unskilled work has become elastic, meaning that it can become replaced by automation. Minimum wage works under the premise that work is inelastic, but in 50 years we can expect that a) most factories will be overseas in third world countries, and b) the factories that remain will be fully automated where even machines will be sweeping the floors.
The Scandinavian countries actually have this better figured out than the US does. When you have a blanket federal minimum wage, the prices have to go up to compensate, which is fine because it really doesn't change very much in terms of purchasing power. Everyone compensates by raising prices or lowering hours until demand starts to pick up due to the lower class having more money, which forces companies to raise worker hours again and raise prices to compensate. In the end, purchasing power returns back to the equilibrium it was before the wage bumps.
In comparison, the Scandinavian countries have no minimum wage and instead choose to strengthen labour/union rights so that each industry/company can negotiate their own minimum wage, which has the effect of allowing people to receive the benefits of their company's growing wealth without having to deal with the increases in price that occur across the board like they do with a federal minimum wage hike. In this way, workers actually have an incentive to make their company successful because their union rep will be able to negotiate them better wages with growth, while also giving them a reason to care about the company's ability to compete on the open market.
Instead, what you have in the US is a union that isn't accountable to the business and a fight for a minimum wage that doesn't really help them very much in the end. We are manufacturing class conflict with our shitty policies instead of allowing a collaborative effort to lift all boats.
Yes that sounds reasonable, because the workers are actually productive and getting paid according to how the business performs instead of a fixed minimum wage regardless of business fails or succeeds.
That's a mixed approach.
@@mnikhk To be completely honest, I've kind of changed my opinion lately. Regardless of how low the wages are, as long as there aren't undue barriers to entry for competitors as a result of state interference, the prices of goods/services must conform with what people are able to pay. The problem is that America is largely a debtor nation atm and the significant deflationary effect that would occur if everyone was paid the market rate would cause the country to go bankrupt. The consequences of the current system, as well as the consequences of any market environment which raises wages above market levels, is that there must be less employment in those industries and lower social mobility because the consumer is only willing to pay a certain amount.
Ideally, if we could get both wages and prices down we could maximize employment and significantly increase the individual worker's job security in an environment where they really could just walk down the street and find another comparable job, all without lowering their quality of life. This would also eliminate the need for welfare because that person could always be employed, even while they are looking for a better job. While I still think union negotiation is better than a federal minimum wage, allowing the market to decide ironically seems to be the better scenario for worker rights.
The award wage system is better but it still ultimately has the same problems as the minimum wage
@@MultiHobos there are far more losers than winners in market competition so the effect isnt nearly as bad, but you're correct. The ideal scenario would probably be to allow business to keep wages the same but to hire more people as demand increased. The roundabout effect of maximum employment means higher wages and higher job security that eventually balances out as prices stabilize and it allows employees to tell shit bosses to go fuck themselves because a comparable job is just a Google search away.
@@D4PPZ456 Im not sure how there are more losers than winners in market competition but otherwise yes
This guy spoke exactly how I feel. I want to do sprinkler fitting in construction and commercial. Why do I need a GED to do so? It’s a requirement. Why? Why does an insignificant piece of paper hold power over who I am as a worker and my work ethic?
I took 4 dollars a week in HK and my health declined. The employer just want me to do whatever he asked. Transporting goods, cleaning, stocking, organizing stock room etc. In other jobs I just got send to other departments whenever there is a need. They won't use the extra money to improve the working conditions. I feel like I sacrifice my knee to earn only a little compliment. The most important thing that I learned is that don't be too nice to do whatever I was told even when I think it would be nice to help, not to mention they will ask it again. This is because when they see chances to exploit, they exploit it hardly. This world is just a hell, and now I am learning to be socialist.