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Look inside the mind of a Wall Street type, and you are likely to find that there is not much there that relates to the real world. That is what The Daily Show correspondent Samantha Bee reveals in her interview with investment broker Peter Schiff. Mr. Schiff has some very interesting thoughts about raising the minimum wage.

Peter Schiff, who is CEO of Euro Pacific Capital, and who also hosts a radio show where he shares his libertarian ideas on finance and the economy, has a history of attacking those who support raising the minimum wage.

In his Daily Show interview, Schiff has some interesting ideas about the minimum wage. He starts out with the time honored conservative argument that raising the minimum wage will “destroy jobs.” Then it gets bizarre. Bee observes: “Why have one job for $15 an hour, when you could have two jobs, for $7.50 an hour?” Schiff asks her “Would you rather do that, or pay twice as much for your burger?”

That is a huge theme with opponents of a minimum wage hike. They want to plant the idea in everyone’s head that doubling the minimum wage will result in doubling of prices of popular products. That claim is completely false. Take McDonalds. In Australia, where the minimum wage is $17.05, or almost $15 in U.S. currency, a Big Mac costs $4.94. That’s about $4.32 in American dollars. In the U.S., a Big Mac costs $4.20.

Schiff then tells Bee that McDonalds workers do not appear to be “desperate and hungry.” He says they appear to be “young kids enjoying themselves.” This is another theme of the anti-minimum wage crowd: minimum wage jobs are largely held by teenagers doing their first job. When it comes to jobs in fast food, the New York Times reports:

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The classic image of the high-school student flipping Big Macs after class is sorely out of date. Because of lingering unemployment and a relative abundance of fast-food jobs, older workers are increasingly entering the industry. These days, according to the National Employment Law Project, the average age of fast-food workers is 29. Forty percent are 25 or older; 31 percent have at least attempted college; more than 26 percent are parents raising children. http://www.nytimes.com/2013/12/01/nyregion/older-workers-are-increasin
gly-entering-fast-food-industry.html?_r=0

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Bee poses the following question in response to Schiff’s claim: "Hypothetically, how would you tell a 48 year old man, with a bachelor’s degree, who works full time in fast food, that he is not entitled to a living wage?"

Schiff scoffs at the question, and responds “You’re creating a hypothetical situation that’s not going to exist.”

What comes next? You guessed it. Bee interviews a 48 year old man with a bachelor’s degree who works in fast food.

Schiff saves the most incredible comment for last. Bee asks him to describe a person whose work would be worth $2.00 an hour. Schiff says “You know somebody who might be?” He then fumbles around looking for a description, before asking Bee “What’s the politically correct word for ‘mentally retarded?’” Yes, you heard that right. Libertarian one percenter Peter Schiff thinks that exploiting the mentally handicapped as a source of cheap labor is a fine idea.

After that doozy, Schiff leaves Bee with this thought: "I believe in the principles that the country was founded on. I’m not gonna say that we’re all created equal. You’re worth what you’re worth." http://www.addictinginfo.org/2014/01/29/ceo-minimum-wage-mentally-reta
rded-2/

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Originally posted by BYTEMITE:
I'm sorry, AU, I wanted to respond to your bait, but my brain is too busy being fucked over by the fact that the guy apparently thinks that The Declaration of Independence doesn't constitute the principles that the country was founded on.

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They don't OWE anyone a " living wage ".

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Originally posted by BYTEMITE:

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They don't OWE anyone a " living wage ".

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Noo... They don't owe anyone anything, true. But it is actually kind of a smart thing to do. Because if lots of people can't make enough money to survive, they tend to get a little bit unruly.

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Also it screws up the economy if the majority of people can't afford basics of living like food or shelter.

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Originally posted by BYTEMITE:
I'm sorry, AU, I wanted to respond to your bait,

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Originally posted by Storymark:

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Originally posted by BYTEMITE:
I'm sorry, AU, I wanted to respond to your bait,

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Dont be a sucker.

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Then that's on them, not the company.

An iPhone, 50" plasma and the latest Air Jordans aren't " the basics ". Folks need to make better choices. In where they work and on what they spend their $.

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Byte knew I was kidding.

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Originally posted by BYTEMITE:

So if employees can negotiate better wages with their employers, more power to them.

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Originally posted by Niki2:
Schiff saves the most incredible comment for last. Bee asks him to describe a person whose work would be worth $2.00 an hour. Schiff says “You know somebody who might be?” He then fumbles around looking for a description, before asking Bee “What’s the politically correct word for ‘mentally retarded?’” Yes, you heard that right. Libertarian one percenter Peter Schiff thinks that exploiting the mentally handicapped as a source of cheap labor is a fine idea.

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Originally posted by Geezer:

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Originally posted by Niki2:
Schiff saves the most incredible comment for last. Bee asks him to describe a person whose work would be worth $2.00 an hour. Schiff says “You know somebody who might be?” He then fumbles around looking for a description, before asking Bee “What’s the politically correct word for ‘mentally retarded?’” Yes, you heard that right. Libertarian one percenter Peter Schiff thinks that exploiting the mentally handicapped as a source of cheap labor is a fine idea.

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Looking at this, I can't see where Mr. Schiff thinks exploiting the mentally handicapped is a fine idea.

I'll agree that using a mentally handicapped person as an example of someone who not only couldn't do a particular job, but couldn't be trained to do it is insensitive, but nowhere does he say they should be hired at $2.00 an hour.

So we got the usual spin going on here.


"When your heart breaks, you choose what to fill the cracks with. Love or hate. But hate won't ever heal. Only love can do that."

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Originally posted by Geezer:

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Originally posted by Niki2:
Schiff saves the most incredible comment for last. Bee asks him to describe a person whose work would be worth $2.00 an hour. Schiff says “You know somebody who might be?” He then fumbles around looking for a description, before asking Bee “What’s the politically correct word for ‘mentally retarded?’” Yes, you heard that right. Libertarian one percenter Peter Schiff thinks that exploiting the mentally handicapped as a source of cheap labor is a fine idea.

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Looking at this, I can't see where Mr. Schiff thinks exploiting the mentally handicapped is a fine idea.

I'll agree that using a mentally handicapped person as an example of someone who not only couldn't do a particular job, but couldn't be trained to do it is insensitive, but nowhere does he say they should be hired at $2.00 an hour.

So we got the usual spin going on here.


"When your heart breaks, you choose what to fill the cracks with. Love or hate. But hate won't ever heal. Only love can do that."

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Bee asks him to describe a person whose work would be worth $2.00 an hour. Schiff says “You know somebody who might be? What’s the politically correct word for ‘mentally retarded?’”

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Originally posted by ElvisChrist:


After al, quoting the guy's response to a direct question just has to be "the usual spin."

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Originally posted by ElvisChrist:



Here's the "libertarian" line:

"I believe in the principles that the country was founded on. I’m not gonna say that we’re all created equal."


Fooey. Who needs that whole Declaration of Independence thing, right?

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http://en.wikipedia.org/wiki/American_Disabilities_Act

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Originally posted by AURaptor:

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Originally posted by BYTEMITE:
I'm sorry, AU, I wanted to respond to your bait, but my brain is too busy being fucked over by the fact that the guy apparently thinks that The Declaration of Independence doesn't constitute the principles that the country was founded on.

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I only said what others were thinking.


But honestly, saying that " all men are created equal " isn't saying all employees are equally of value to the employer. And for this 'living wage' crap. That truly IS hypothetical. Anyone who has a bach degree from a 4 year college and doesn't rise above a min wage job, that's just sad. I mean, is that ALL he does for a living ? 1 job, which pays min wage ? And that's his CAREER ? Sure, short term, that's different. Or possibly climbing up in the company. Or while looking for other work, or with a second job. Fine. But he's right. Burger flippers and fry station employees aren't suppose to make careers doing those jobs.

I missed the bit of paying $2 an hour.


Fathom the hypocrisy of a government that requires every citizen to prove they are insured... but not everyone must prove they are a citizen

I'm just a red pill guy in a room full of blue pill addicts.

" AU, that was great, LOL!! " - Chrisisall

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Originally posted by BYTEMITE:

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http://en.wikipedia.org/wiki/American_Disabilities_Act

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Equal protection under the law also applies to nondiscriminatory employment and fair wage practices. Hence "to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed."

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Originally posted by ElvisChrist:
Clearly.


After all, quoting the guy's response to a direct question just has to be "the usual spin."

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Bee asks him to describe a person whose work would be worth $2.00 an hour. Schiff says “You know somebody who might be? What’s the politically correct word for ‘mentally retarded?’”

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Originally posted by Niki2:
Governments are instituted among Men, deriving their just powers from the consent of the governed."

"*cough* equal protection under the law also applies to nondiscriminatory employment and fair wage practices. *cough*"

As is frequently the case, Byte nailed it.

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Because of Amendments to the Constitution, every American is fully equal, meaning that no one is smarter, better-looking, stronger, or faster than anyone else. The Handicapper General and a team of agents ensure that the laws of equality are enforced. The government forces citizens to wear "handicaps" (a mask if they are too handsome or beautiful, earphones with deafening radio signals to make intelligent people unable to concentrate and form thoughts, and heavy weights to slow down those who are too strong or fast).

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You might be able to hire a blind person as a book editor, for example,

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If someone was so mentally handicapped that they could not perform any task suitably, would you hire them?

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Originally posted by BYTEMITE:
Such a person would unlikely be able to even submit an application, let alone interview, and also would likely be confined to a hospital or under the jurisdiction of a caretaker. We are not talking about that.

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We are talking about the wide range of people who have disabilities but are functional enough to seek a job, and therefore perform a task.

As a reminder, I myself am mentally challenged and abnormal, with various diagnosed health differences. You seem to be labouring under some common misconceptions and stereotypes.

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Originally posted by Niki2:
Don't let him get to you, Byte; remember, from all we've seen, Geezer is of the "every man for himself" mentality. You and I, the blind, the handicapped, the elderly, everyone who isn't up to his "standards", would be left to starve. Well, we'd be allowed to work, for what people like he decide we're worth paying, and left to see if we could avoid starving on that. Just be grateful people like Geezer don't (yet) run the world.

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"Bee asks him to describe a person whose work would be worth $2.00 an hour. Schiff says “You know somebody who might be?” He then fumbles around looking for a description, before asking Bee “What’s the politically correct word for ‘mentally retarded?’”

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So let me ask you to describe a person whose work would be worth $2.00 an hour.

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I only said what others were thinking.

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Originally posted by BYTEMITE:


There are no people who are legitimately worth only two dollars an hour in this economy,

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So let me ask you to describe a person whose work would be worth $2.00 an hour.-GEEZER

There are no people who are legitimately worth only two dollars an hour in this economy- BYTE

This is the correct answer - which clearly didn't even occur to the bozo in question, or the wingnuts defending him.- STORY

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Select to view spoiler:

If the market for baby-power tells us that babies are worthless, then maybe we can test how much they're worth by selling them by the pound on the commodities exchange.- with thanks to Johnathan Swift, British satirist, for A Modest Proposal for Preventing the Children of Poor People From Being a Burthen to Their Parents or Country, and for Making Them Beneficial to the Publick,[1] commonly referred to as A Modest Proposal http://en.wikipedia.org/wiki/A_Modest_Proposal]

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Originally posted by Geezer:

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Originally posted by ElvisChrist:



Here's the "libertarian" line:

"I believe in the principles that the country was founded on. I’m not gonna say that we’re all created equal."


Fooey. Who needs that whole Declaration of Independence thing, right?

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So everyone is the same height and weight. Has the same ability to learn or function. Has the same amount of motivation, honesty, ability to communicate. Everyone can hit a major league fastball or run a 4 second forty. After all, we're all equal. Right?

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"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty, and the Pursuit of Happiness. That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed."

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Originally posted by Geezer:

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Originally posted by BYTEMITE:

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http://en.wikipedia.org/wiki/American_Disabilities_Act

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Equal protection under the law also applies to nondiscriminatory employment and fair wage practices. Hence "to secure these rights, governments are instituted among men, deriving their just powers from the consent of the governed."

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If you can do the job - or even if you can do the job with accommodations.

You might be able to hire a blind person as a book editor, for example, if you could provide braille or verbal transcripts. However, someone not mentally able to understand the story, or understand the rules of grammar and punctuation, would not be suitable.

If someone was so mentally handicapped that they could not perform any task suitably, would you hire them?


"When your heart breaks, you choose what to fill the cracks with. Love or hate. But hate won't ever heal. Only love can do that."

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Originally posted by Geezer:

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Originally posted by BYTEMITE:
Such a person would unlikely be able to even submit an application, let alone interview, and also would likely be confined to a hospital or under the jurisdiction of a caretaker. We are not talking about that.

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We're not? Seems to me that's exactly what someone would mean when describing someone who could not hold a job worth $2.00 an hour.

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Originally posted by Geezer:

[D]escribe a person whose work would be worth $2.00 an hour.

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Originally posted by SIGNYM:
BYTE... you're so BAAAAD!

But I can be worse

Select to view spoiler:

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If the market for baby-power tells us that babies are worthless, then maybe we can test how much they're worth by selling them by the pound on the commodities exchange.- with thanks to Johnathan Swift, British satirist, for A Modest Proposal for Preventing the Children of Poor People From Being a Burthen to Their Parents or Country, and for Making Them Beneficial to the Publick,[1] commonly referred to as A Modest Proposal http://en.wikipedia.org/wiki/A_Modest_Proposal]

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Originally posted by Geezer:

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Originally posted by Niki2:
Governments are instituted among Men, deriving their just powers from the consent of the governed."

"*cough* equal protection under the law also applies to nondiscriminatory employment and fair wage practices. *cough*"

As is frequently the case, Byte nailed it.

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Here's the world for you, then.

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Because of Amendments to the Constitution, every American is fully equal, meaning that no one is smarter, better-looking, stronger, or faster than anyone else. The Handicapper General and a team of agents ensure that the laws of equality are enforced. The government forces citizens to wear "handicaps" (a mask if they are too handsome or beautiful, earphones with deafening radio signals to make intelligent people unable to concentrate and form thoughts, and heavy weights to slow down those who are too strong or fast).

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http://en.wikipedia.org/wiki/Harrison_Bergeron


"When your heart breaks, you choose what to fill the cracks with. Love or hate. But hate won't ever heal. Only love can do that."

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Originally posted by Niki2:


If people like this had their way, they wouldn't even earn minimum wage and, one can only assume, would end up on the street.

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