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WBEN NewsRadio 930>Audio & Video on Demand>>Minimum Wage Should be Abolished

Minimum Wage Should be Abolished

Dec 4, 2013|

Glenn Wiggle

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Automatically Generated Transcript (may not be 100% accurate)

We're looking at those fast food protests hitting several cities tomorrow as part of the push to raise the minimum wage. Meanwhile President Obama also expect his talk about that calling for an increase in the minimum wage later today. -- widow is here from the financial guys LLC's our go to commentator on jobs in the economy good morning glad. Good -- it or you. Not bad thanks for joining us this morning talk to me about this. There are supporters that say when you add in inflation the real value of today's minimum wage is about as low as -- -- since 1952. Therefore don't they deserve some sort of increase maybe not the whole. Amount they're asking for but something. Well I I think that needed to change your argument of that and say -- really need for minimum wage to begin -- you know obviously I'm a proponent of free market capitalism. Unfortunately when you actually look at the past history when you look at statistics and you can look and say okay well look at the nineties for example. We raised -- -- several times throughout the ninety's and the results of those minimum wage raises a decade later. Where their overall workers saw their earnings actually lasts a decade after they raise the minimum wages. As for the long term. It may seem like guess who wanna help people. But unfortunately that has the exact opposite of the -- of helping well workers because what happens is. If you lower the amount of available jobs that are you know around. And people are unable that -- those needed skills they're on able to get jobs to begin work so that they can begin to get those needed skills. And hopefully move up the -- You know minimal wage is not meant to be a living wage minimum wage predominantly -- -- by teenagers that are looking to gain that guide the work experience. Can you say higher pay fewer jobs basically. Higher paid viewers got exactly it's no secret. That minimum wage is that the people that it's meant to help and and is that an immediate help. Are those teenagers minorities and eccentric. And unfortunately -- said the exact opposite impact. It's no secret that the unemployment rate among minorities particularly blacks and quote teenagers. Is double that of the national average. Unemployment rate they talked about 20% verses seven -- -- person. But the big difference but why is that it's not because. They know that nobody wants to hire them is because the wages and minimum wage. Has gotten to a point where it doesn't make sense to hire people that lacked the needed skills and so they hire quality used technology or they hire more skilled workers. This public. And this protest turn a hundred cities. To garner a lot of public sympathy and do you think this is a winnable battle for these workers. I I think it's I don't think it's a winnable battle I don't think it's a penalty should be engaging in because again I think they're hurting themselves you know when you look at the people that are really truly behind. The proposal for minimum wage. It's you know just -- two groups of people is to do gooders that wanna feel good about themselves. And as -- who insists the trade unions particularly AFL CIO you know they want to eliminate competition for low wage workers so that the work goes to there. I union workers so -- what you look what we double probably had some congressional testimony coming up next couple weeks they check to pop up as -- congress. He won't be the best food worker that testifying in front of congress that it can work in the prime machine. It's going to be a union representatives. That presenting the case to congress because ultimately if they can wipe out the low level low wage workers. Ultimately is more work for the higher paid union workers and that's unfortunate because it really hurts those. Those young kids those teenagers that are looking to get into the workforce to gain those valuable work skills and ultimately believe them. Too well you know to higher wages and and better opportunity isn't. And a better -- on the road. And you say this applies regardless of the amount of increase -- -- wouldn't work. Just as much as a huge increase wouldn't work. I don't think a tweak or or it really makes it a bunch of a difference and -- -- it's -- small not quick it's not that they get the deal but. You know you have to look at what is the actual Leno -- free market wage what would that be -- and the answer is probably that the real you know. Don't minimum -- step outside of a lot would probably be in the 68 dollar range. And so you don't raise that much more than a dollar you can have a pretty minimal impact. Two you know to go into the workforce and to the to the amount of jobs that are available but they raise it to ten or twelve or fifteen. Then unfortunately if you're a business owner you have no choice but to cut back in the amount of workers that you have and either raise your prices cut back on labor. Or do a little bit -- -- or you know potentially look at some potential technology. That can replace some of those workers and we see that a lot of different industries. Unfortunately I think they run the risk of pricing themselves out of the markets and they are hurting themselves more than their help themselves. Almost out of time -- very quickly tell me how you see this playing out give me -- prediction will change. It probably won't change and and what likelihood is you'll get a you know a little bit between maybe eight that your nine dollars an hour. Just as a token of good faith by the other folks in congress Republicans and and and those that truly are against their don't believe that are not gonna wanna be seen in painted with the brush of I'm sympathetic to you know to those those low low wage workers so my guess -- you'll see a little bit of an increase but not anywhere near what they're expecting. All right Glenn thanks for the insight got around. -- we go with financial guys jealousy.

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