The Minimum wage argument & SchiffForSenate.com

I prefer to relate minimum wage with unemployment. Inflation is difficult to attribute to one government failure because it is at the same time being manipulated by the federal reserve.

If you take the time to check the past history of inflation with in the U.S. you will find that the inflation rate is virtually unchanged a year and more after the minimum wage increase. In the case of the 1998 increase we had deflation.

It's a myth that firms pass higher cost of inputs on to the consumers of their products and services?? Wow, you must be some sort of genius to have triumphed over hundreds of years of economic thought. Adam Smith must be spinning in his grave.....

@undermyvoodoo22
Actually this is a myth. I have looked at the inflation rate one to five years after minimum wage increases and there was no out of ordinary spike in inflation due to the minimum wage hike. In the late 90's we had deflation the years following.

Hey I like what you said about minimum wage.

With a minimum wage prices end up going up also. So with no minimum wage prices would or should fall.

@nfwvideo You don't seem to understand that all prices are affected (increased) by changes (increases) in minimum wages.

Then you won't take the job..... there are two sides to every transaction/business deal

Mr. Schiff has disappointed me in this video. He made nothing but straw-man arguments against the minimum wage with no real facts. Also he had said that if productivity is up so will their wages. Well in fact past 30 years have proved that wages have not kept up with productivity and in fact have been stagnant for 30 years. I am sorry but I strongly disagree with him here. I have checked unemployment figures of the last few min wage hikes. Unemployment remained unchanged if not improved.

y do we complain about a 7 hr guarantee but not the millions that ceo's are guaranteed?

because its easier to pick on the poor