Would Romney's minimum wage hike kill jobs?
Conservative experts warn against plan
- Duration 7:22
- Date Feb 4, 2012
Conservative experts warn against plan
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As voters suffering the highest unemployment rate in the nation place their bets in Nevada today.
Some conservatives are warning Mitt Romney's plan for automatic minimum wage hikes will have.
More jobs taking a high satisfy our Jonathan Hunt -- -- scrap the minimum wage altogether already everybody I am a Cheryl Casone -- in the cash and sarcastically -- this -- we got Wayne Rogers Jonathan Hoenig Tracy Byrnes John late -- also joining us.
His contributors in the greens -- walk and all of new polo and Jonathan already Jonathan.
Get rid minimum wage to great jobs exactly how -- -- work.
-- minimum wage -- is government -- so of course it destroys jobs think it violates the rights of both employee hers and employees tell -- -- after their own self interest and you know what employers can can offer a wage employees can either take it or not but.
They have to make that judgment not a government bureaucrat.
And just like unions who force artificially high wages of course the net result is the lack of productivity a destruction of productivity and -- destruction of jobs.
You know Wayne I'm curious about this with regards to jobs is if you look at unemployment rates it really is the worst among teenagers -- -- sixteen or seventeen.
But 20% unemployment so if there is -- -- be a hike in minimum wage small businesses could say I'm not gonna hire anymore kids on the go for free interns.
Well I think theoretically Jonathan is absolutely -- -- of the practical part of this is that you've got a minimum wage nobody has got.
They'll know legislation is gonna turn around and -- all we're not -- have that anymore so it doesn't matter the fact -- Romney is supporting.
A rise in it that is indexed to inflation isn't all that bad.
It's gonna happen anyway if jobs are gonna disappear they gonna disappear people are -- -- -- get paid under the table look it's a free market is like Jonathan says if you're going up your labor is for sale just like everything -- That's the whole point though it's not -- if government come of them and says we've got to play it pay seven bucks an hour for job -- really economically is only worth.
Five or five and a half.
Then it's not a free market and -- and get you had a minute do you do you do you really think they don't enforce that are you kidding me.
The cost of enforcement will be gigantic.
Let me estimate -- question I mean if you look.
Get Romney's idea what he's saying is that went pointed this -- just now indexing to inflation most economists say we are gonna have inflation.
In this country this years are we kind of jump ahead of ourselves.
Well I think it's good that governor Romley is actually saying that he cares about poor people now that's one good thing.
But the minimum wage is clearly in all of our best interest I listen to Jonathan he sounds like a broken record.
We're not going to get rid of the minimum wage its stop complaining about it Jonathan at the end of the day the more people make the bad at consumers they're going to -- They take that money -- and.
Minimum wage workers they spend and then just bragging they spend it in our local -- -- revenue and it may cities.
And it boosts the economy especially those small retail business and that's why didn't want -- -- not retail businesses are forced to pay salad they might not necessarily be able to afford.
You know -- wage is not tied -- to indexed to inflation.
And the -- -- jobs numbers yesterday that's don't be hourly wage is not growing really as fast as the CPI numbers are.
So why then do we do this for some and not the others.
Look I think it is unfair to require a comedy teams pay a certain that money for a job that you I don't know what it is company should be able to decide who deserves what.
And the markets will decide whether or not it's fair -- -- -- what about the states and all of this and you've got seventeen states in 2012 it either have already raised.
The minimum wage are they're gonna do it so maybe this is not a federalists.
I don't think it is a federal issue because you look at the different economies around the country and to the point that if you raise people's wages they're gonna be able to be more productive consumers.
Then let's just go with that and raise the minimum wage to 500 dollars an hour based on that -- that -- -- makes absolute plus zero sense whatsoever.
The Howard's average hourly airing right -- -- -- three dollars between on Santa's of one point 9%.
Year over year the minimum wage affects very few people -- in July 2009 when he raised it a couple bugs.
That did affect teen unemployment so it needs to be indexed to something if we are gonna -- good as -- says because.
People get around if you have a job that's for hours and you -- just sit there -- -- contract labors are going to be twenty bucks to do it.
This is not enforced so this minimal wage to me is not really that big -- deal gonna raise it indexes something but not inflation.
But yet -- -- at the same time let's go back to the small business owner that person that does employed may need the teenager that needs a job whether it's seven dollars an hour or grabber.
I -- that small business -- is gonna have to think twice and in particular in this economic environment.
About adding jobs and yes the dinner jobs report was was good as great but we need more of bats.
Well -- so happy to hear -- celebrate the January jobs number we're moving in the right direction down to eight point 3%.
But you have to keep in mind -- Those small businesses.
Their customers are going to sit increase the amount that they're standing in their stores because of the minimum wage it not just because it doesn't just a -- -- -- -- 500 -- you know I'm glad that they -- Israel cloud.
That -- not make economic sense.
John wait a second let me finish because if we had not seen the federal government step in and continue to raise the minimum wage and you.
Starting from where was it 25 cents an hour that would be valued at three dollars and 99 cents an hour today.
Or local charity -- and that's why can't we -- we you know clearly I think -- -- that part of the reason that unemployment rate lowered is one.
-- of the -- -- people said you know what.
I'm so frustrated I gotta go this is -- -- -- minimum wage or anything these people are frustrated nothing is working.
We don't like you want it is not gonna put money back into the economy -- then I mean anything can.
-- would tell you that we did a consumer spending I mean anybody is gonna tell you when he consumer spending this could hurt that.
Well I know that you -- to -- -- we need consumer spending what I think we need is more production more people actually employee not on the government -- but actually producing something with their lives and I'm sorry if -- job is only worth five and a half dollars an hour I'd rather have them.
Actually working at providing a service satisfying the employee you're.
And and and make things have themselves rather than not working and going to the government and asking for -- one quick point we don't talk about the minimum wage is being such an American institution it was only instituted in the late 1930s so.
-- act like this is part and parcel like I constitutional amendment.
Is simply not true.
You'll Wayne what did about we're talking about teenagers but on the other side of this -- all -- baby boomers that are retiring.
They -- happy to take a job it's five bucks an hour -- in the new keeps them busy.
And they spend that they put that back into the economy.
Well -- -- for the baby blues but I'll tell you right now I want to go to work for John Layfield.
But he's he's he's my hero could end any good at it and it and -- -- -- the alternative to that is he can -- fox and then we can all get -- that's what I -- -- -- grant writing I'll write your way over our.
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