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WBEN NewsRadio 930>Audio & Video on Demand>>Minimum Wage Discussion - Mike Lomas; Pt II

Minimum Wage Discussion - Mike Lomas; Pt II

Jun 18, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

We've been having a debate all morning about but possible hike in the state minimum wage here. -- constitute state lawmakers in -- in studio guest this morning is Mike -- president of financial guys LLC. Like from a business perspective. What can we expect if the minimum wage is increased. Well I think he did I mean two things are gonna happen either it's going to be in that neutral which means prices rise and the standard of living does not you know it's is gonna be the same old same old yes things are more expensive there earning a little more money. Or you start to see people get laid off to fit into a business model you know the fact of the matter is when it comes free market capitalism is not perfect but it's the best thing out there and and it's been proven time and time again to work in free market capitalism. Is a great way to set wages and when I was a kid a lot of my buddies in high school worked for mighty taco -- tackle free plug here. Minimum wage at that point -- I I have a lot of gray hair. This -- a while ago. But it was about 325315. -- I remember mighty taco paying six to seven dollars and I'll six to seven bucks an -- almost double at the time. And my body's who has said he's got to work that like could get a job there because they had already applied and and mighty tigers to edit the -- but they have plenty of good workers and they were willing to paid that the fact of the matter is the -- the bad business models. They don't have the extra money right now to pay an extra dollar two or three in our. The good business models do that anyways and it it must've worked to me mighty taco is. I am a big fan I go there a few times a week for lunch. But. They're expanding now in the Rochester and so you don't need to tell mighty tackle the pay people they did it themselves they think got to take it we wanna pay a little extra to keep good people. On my father my father worked for Abbott Laboratories for years. On got in the Abbott Laboratories its features a story and remember as a kid in sharing the story with me all the time as he suggested it to every you have to do to get into a good place or -- -- -- To put yourself and in them and good situation. My dad at the time in India Abbott Laboratories sweeping floors for basically minimum wage base I knew I had to get in there -- that was my second job. Had to get in -- well sure enough. You know he was a good employee once he got in the doors foot in the door he learned how to do other things and habits and -- school and for training and he was able to quit his other job. And me and grow and Abbott Laboratories make a very good living support our family. You know put us for cause all that good stuff. And I think gosh if at that time we increased minimum wage and Abbott was forced to hire one person as opposed to. Maybe that one person wouldn't have been my debt so that. And you know when you start to think about that league minimum wage is not meant to be a permanent lifetime does is that he'll get into -- say gosh I hope on here in the next twenty years earning minimum wage and an if you if you do Evelyn you're quite frankly deserve it. That was that was the argument as to ask you about the idea that it's not meant to be. A livable wage and I'll say we've got to raise it to it's not livable you would say well no because it's not meant to be on it's meant to get in the door it's meant for. Like I said in his the a few minutes ago. It's meant for that college person in high school person it's meant to get in the -- meant for elderly people who are on Social Security -- -- -- little pension wanna do something in their spare time has some flexible hours it's meant as a starting point you don't need to -- is what to do if that's the case let's let's -- that the 75 bucks an -- let's -- -- poverty right now -- -- the 75 bucks an -- and get it all right. And then -- but is -- -- -- and the buddy these same people -- that's crazy use out of that box or cable what's the what's the number what about. The state legislature the possibility -- Ryan the assemblyman told assists this morning that the thinking about allowing different geographic area of the state to raise their own minimum -- how it what is -- deal. But I but I don't know who gets to set this right I mean who gets to decide okay well. New York City gets this and and buffalo gets this I mean are they that's Smart I don't think so. You know of the fact of the matter is most of these people proposing an increase in minimum wage. Most of them and I would be willing to bet 95 plus percent have never run a business in their life they have no clue to balance it looks like. They have no clue what cost of goods and costs the labor and how that model works of free market capitalism works I can tell it. And our assistant financial guys started out making just slightly over minimum wage. I assure you she does not make a slightly over minimum wage like as we're dependent we need her I want her to earn a good salary. I don't want her to go anywhere we need. Here's an argument from the regional council -- state they say. It could work there willing to look at it because it would put more money into the economy workers more money in their pocket therefore they would start spending more but they also lets say. Is long as you look at other costs we'd be able to tolerate this. If you gave us some relief elsewhere do you buy that no I don't buy that because it doesn't put more money in the economy mean there's no magic fairy tree in the dusty you know in the in the. That's the thing there's no such thing as a free law -- the same thing with tax policy well oldest increase in taxes and bring in more money no you want to steal it from one place. And re distributed to someone else and that's ultimately what this is trying to do its thing look at your small business owner. A year mediums that you're a large view your business we're gonna take more of your money. And re distributed the other thing here and the big catches in -- what. Is it -- a lot of these politicians also outs only a blocker to an -- no no big deal right. No it's not to me if you're small business owner you have to pay for Social Security Medicare. All this other stuff and in unemployment disability workers' -- it's not just a blocker to an hour it's all that stuff that gets thrown on top of that as well which they're not factoring in in any of their arguments are at great discussion Mike thanks for coming in you know thanks for having me Mike -- president of financial guys LLC.

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