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News Link • Employee and Employer Relations

Minimum Wage, Maximum Stupidity

• Peter Schiff

2 Comments in Response to

Comment by Eric Coulter
Entered on:

When minimum wage was $4.25/hour, I was making $5/hr.  ($.75 above min. wage)When it was increased to $5.15/hr, I went to minimum wage.  What about the people who are making above minimum wage now, will their pay increase as well?  Will their employer also keep providing benefits?  The employer will pass along the added cost to their consumer.  Everytime minimum wage increases, I just move closer to making minimum wage. 

Comment by Sharon Jarvis
Entered on:

Only an economist would make this assertion without regard for reality.  If an American worker cannot earn enough to pay bills and buy stuff (the foundation of our entire economy is consumption), then we will have no economy.  Nor can an American worker compete with a Chinese coolie who earns $3 a day no matter how much you lower our wages.  The only solution is to make sure we can earn enough to keep the wheels turning.  If we don't, because businesses think they can get that Chiese coolie to somehow buy their stuff instead of us, then we're all going down the tubes together.  And that is exactly what is happening now.

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