Wage Against the Machine

  • Aired:  01/28/14
  •  | Views: 182,555

Samantha Bee explores the devastating economic effects of raising the minimum wage to the poverty level. (4:59)

[ LAUGHTER ]BUT BEFORE ALL THAT CAN

HAPPEN --[LAUGHTER]

-- AND I'M NOT SO COMFORTABLEWITH THIS EXECUTIVE ORDER THING,

WE SHOULD PROBABLY LEARN MOREABOUT THIS MINIMUM WAGE THING.

SAMANTHA BEE INVESTIGATES.

>> THERE'S A PHILOSOPHICALDISCUSSION UNDERWAY IN AMERICA

ABOUT THE MINIMUM WAGE.

SOME PEOPLE LIKE FINANCIALCOMMENTATOR PETER SCHIFF THINK

INCREASING IT COULD HAVEDEVASTATING EFFECTS.

THERE'S A LAW IN ECONOMICS,SUPPLY AND DEMAND.

IT'S SOMETHING YOU LEARN INECON101.

AS YOU INCREASE THE PRICE OFSOMETHING YOU DECREASE THE

DEMAND.

WAGES THAT'S THE

PRICE OF LABOR.

THE HIGHER YOU MAKE THE MINIMUMWAGE THE MORE JOBS ARE GONNA BEDESTROYED.

>> YOU CARE ABOUT THE POOR.

OF COURSE, I DO.

>> I JUST ACKNOWLEDGE THATGOVERNMENT PROGRAMS ARE TRAPPING

THEM IN POVERTY.

>> WHY HAVE ONE JOB FOR 15DOLLARS AN HOUR WHEN YOU COULD

HAVE TWO JOBS FOR $7.50 ON HOUR.

>> WOULD YOU RATHER DO THAT ORPAY TWICE AS MUCH FOR YOUR

BURGER?

>> I DO LIKE TO TASTE THE TEARSOF POVERTY IN MY MILKSHAKES.

I COULDN'T WAIT TO DISCUSS THESEWITH REAL WORLD FAST FOOD

WORKERS PROTESTING FOR HIGHERWAGES.

IF WE RAISE THE MINIMUM WAGEEVENTUALLY THE MARKET WILL

ADJUST AND EVERYBODY IS GOING TOLOSE PURCHASING POWER.

>> WE CANNOT SURVIVE THE BAREMINIMUM.

>> IF WE COULD KEEP THIS OUT OFPERSONAL REALM.

THESE FAST FOOD WORKERS LOOKINGAT THINGS THROUGH THEIR PERSONAL

EXPERIENCE GOGGLES.

I FOUND IT SO HARD TO EXPLAINTHE COMPLEX ECONOMIC THEORIES TO

THOSE DESPERATE PEOPLE.

>> DID YOU EVER GO TOMcDONALDS AND BURGER KING?

I DON'T EAT THERE BUT THEYDON'T SEEM DESPERATE AND HUNGRY

TO ME. THEY'RE YOUNG KIDS. THEYSEEM TO BE ENJOYING THEMSELVES.

THE IRREPRESSIBLE TEENS WITHTEEN HIJINX.

>> THEY ARE JUST TEENS HAVING AGOOF.

WHAT ARE YOU COMPLAININGABOUT? THIS IS FUN FOR YOU.

YOU ARE A TEENAGER JUST MAKINGSOME FUNNY MONEY TO THROW AROUND

AND PARTY WITH.

>> I ACTUALLY HAVE FIVE SIBLINGSTHAT I HAVE TO SUPPORT.

>> THIS IS GETTING HARDER THAN ITHOUGHT.

HYPOTHETICALLY, HOW WOULD YOUTELL A 48-YEAR-OLD MAN WITH A

BACHELOR'S DEGREE WHO WORKSFULL-TIME IN FAST FOOD THAT HE

IS NOT ENTITLED TO A LIVINGWAGE.

>> YOU ARE CREATING A HYPOTHETICAL

SITUATION THAT DOESN'T EXIST.

>> I'M 48 YEARS OLD.

I HAVE A COLLEGE DEGREE. I ONLYWORK THERE BECAUSE I

COULDN'T FIND A JOB DUE TO THEECONOMY.

>> PUTTING A FACE TO PEOPLE ONSUPPLY AND DEMAND GRAPHS IS

REALLY CONFUSING.

THANK GOODNESS THE ECONOMICTHEORIES ON HOW THE MINIMUM WAGE

DESTROYS JOBS ARE IRON CLAD.

AUTHOR AND EQUITIES ANALYSTBARRY RITHOLZ.

>> THERE ARE A NUMBER OF STUDIESTHAT SHOW INCREASING THE MINIMUM

WAGE ACTUALLY IMPROVES THEECONOMY.

>> SHUT THE (bleep) UP.

[ LAUGHTER ]>> WE RAISE PEOPLE UP JUST $11

SO THEY ARE AT THE POVERTY LEVELTHEY'LL GO OUT AND SPEND THAT

MONEY ON FOOD AND MEDICINE.

>> SURE THAT SOUNDS GOOD EXCEPTFOR ONE SIMPLE THING.

>> PEOPLE DON'T GO HUNGRY IN ACAPITALIST ECONOMY.

IT'S SOCIALISM THAT CREATESSCARCITY.

IN A FREE MARKET THERE'S PLENTYOF FOOD FOR EVERYBODY,ESPECIALLY

THE POOR.

>> THE FACT THAT PEOPLE IN THEECONOMY ARE NOT HUNGRY IS ALL

THE PROOF YOU NEED THAT FREEMARKET CAPITALISM IS THE ANSWER.

>> LOTS OF PEOPLE WORKING FULLTIME FOR PROFITABLE COMPANIES

LIKE WAL-MART AND McDONALDSNEED FOOD STAMPS AND WELFARE

BECAUSE THEY CAN'T AFFORD TOFEED THEIR KIDS.

McDONALDS AND WAL-MART ARE THEBIGGEST WELFARE QUEENS OUT

THERE.

>> WHAT?

>> THEY ARE TAKING ADVANTAGE OFTHE SAFETY NET IN ORDER TO

CAPTURE MORE PROFITS AND LOWERTHEIR COSTS.

>> AS IT TURNS OUT THE FAST FOODINDUSTRY ALONE COSTS TAXPAYERS

ROUGHLY $7 BILLION A YEAR INPUBLIC ASSISTANCE TO THEIR

EMPLOYEES.

IT'S PRACTICALLY MC WAL-MARXIST.

WHEN IT COMES TO THE ECONOMYIT'S OUR COUNTRY'S FOUNDING

PRINCIPLES THAT MATTER.

IF WE ELIMINATE THE MINIMUM WAGELAW INDIVIDUALS WOULD BE FREE TO

ACCEPT JOBS AT WHATEVER PAY THEYCOULD GET.

>> PAINT ME A PICTURE OF APERSON WHOSE WORK IS WORTH $2 ANHOUR.

>> MAYBE SOMEBODY WHO IS -- WHATIS THE POLITCALLY CORRECT WORD

FOR, YOU KNOW, MENTALLYRETARDED?

WHAT IS THE NEW -->> OKAY.

>> I BELIEVE IN THE PRINCIPLESTHAT THE COUNTRY WAS FOUNDED ON.

>> BUT.

>> I'M NOT GOING TO SAY THATWE'RE ALL CREATED EQUAL.

YOU ARE WORTH WHAT YOU AREWORTH.

>> JUST LIKE OUR FOUNDINGFATHERS SAID, YOU ARE WORTH WHAT

YOU'RE WORTH AND WE'RE NOTALL CREATED EQUAL.

>> Jon: SAMANTHA BEE, WE'LL BERIGHT BACK.

[CHEERS AND APPLAUSE]

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