Tuesday, June 28, 2011

How Not to Defend the Elimination of the Minimum Wage

The regressive outfit, ThinkProgress, caught up with presidential candidtae Herman Cain and asked him about the minimum wage. He said he was against it, but justified being against it because most firms pay more than the minimum wage already: Here's the transcript of the back and forth:
FANG: Do you think the current minimum wage is too high or even necessary?

CAIN: I don’t think the current minimum wage is necessary because most companies are paying higher than the minimum wage. Now you can’t say everybody’s paying higher than the minimum wage but a lot of companies [inaudible]
Actually, the idea behind elimination of the minimum wage is that the minimum wage prevents those with the fewest skills from obtaining employment. You would think Cain, a black man, would get this, since the minimum wage is most damaging to black youth. But, he doesn't appear to. Here's the video:

1 comment:

  1. This coming from a former head of a Federal Reserve branch. They are just clueless.