We got another round of hotter than expected CPI data this week. The mainstream financial media is spinning this as good news. In this episode of the Friday Gold Wrap, host Mike Maharrey digs into the CPI data without the rose-colored glasses. He also talks about an announcement by a major restaurant chain that may well be a canary in the coal mine. His conclusion – in the end, economics wins.
The federal minimum wage hike didn’t make its way into the coronavirus stimulus bill passed by the Senate last week, but it is an idea that won’t die. With Biden in the White House and Democrats controlling both houses of Congress, the issue will almost certainly come up again sooner rather than later.
Proponents of a $15 per hour minimum wage claim it will help pull people out of poverty. And it will help some people. But it will hurt others. The real minimum wage is always $0 and no law can change that reality.
Talk of hiking the minimum wage at the national level has ramped up in recent weeks. With the Democrats controlling the House and the Senate, and Joe Biden in the White House, it seems increasingly likely that we’ll soon see a federal $15 per hour minimum.
In other words, it may soon be illegal to take a job that pays less than $15 an hour.
With Joe Biden in the White House and Democrats controlling both houses of Congress, it seems pretty certain we’re going to get a federal $15 an hour minimum wage. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey discusses the economic ramifications of minimum wage laws. Hint — they are not good. He also talks about Fed Chair Jerome Powell’s comments this week and why they should make you even more bullish on gold.
So, what’s wrong with stimulus, money printing, trade deficits, and the minimum wage? Peter Schiff appeared on Meet Kevin to tackle these questions and more.
The government response to the coronavirus pandemic has put extraordinary pressure on small businesses. And that pressure is about to increase thanks to yet another government action – minimum wage increases across the US.
I get really frustrated by people arguing vociferously about things they don’t know anything about. And on no subject is this more prevalent than the debate over the minimum wage. Bring up the “fight for $15” and you will suddenly get high school dropouts who can’t do basic multiplication yelling at you emphatically about the benefits of government-imposed wage floors. Because, you know, they feel like it should work.
You’ve almost certainly heard about the “fight for $15” movement to increase the minimum wage. Well, some activists have upped the ante. How does “Fight for $20” strike you?
Here’s the problem, these people are trying to solve a legitimate problem with a really bad solution.
The minimum wage debate obscures a more significant problem in America. We don’t primarily have a wage problem. We have a money problem. Government devaluation of the dollar over the years has stolen money from average Americans. But instead of dealing with the core issue, the fight centers around wage policy and offers solutions that will just exacerbate the problems.
While we’re on the subject, a recent study by the Congressional Budget Office put a little bit of a damper on the “Fight for 15” minimum wage initiative.
Raising the minimum wage might be good politics, but it’s bad economics – despite what some economists say.
Last week, the Maryland legislature overrode the governor’s veto and adopted a $15 per hour minimum wage. It was a major victory for the “Fight for $15” crowd, but it almost certainly won’t be for low-skilled workers — at least not the ones who whose maximum wage will be $0 per hour because they cannot find jobs.