"I've never been an advocate for any minimum wage. I've always felt that at the end of the day, the market would determine a person's value per hour. But given that we have one, the last thing we want to do, now that we have the evidence, is clear: do not raise it. It's just a huge mistake. End of story."What's this?! A refreshing broadcast of fearless honesty and TRUTH? Finally, someone, namely Kevin O'Leary in this instance, appears to have listened and learned from Milton Friedman!
When asked what kind of wages or economy we'd have if we never had a minimum wage, O'Leary fired back brilliantly (H/t: MarketSanity)...
"I think we'd have a very vibrant economy based on demand.
In other words...think about if you never had a minimum wage. People would go seek the highest opportunity at the lowest risk all the time. Companies would do the same thing. We'd probably have more jobs remaining in America today than what we have today, because basically our cost of labor in many sectors -- automotive, I like to use all the time, using the leverage of unions over the decades that have made our car companies less competitive than global leaders. There was a time when Detroit owned this sector globally. Look at it today. And I blame union wages as part of that problem. Why do people want to move manufacturing to Mexico? Because the labor is cheaper.
Let the market determine what labor should be, and we’d have a much more vibrant economy.
Remember guys, we're competing globally now! We're not just competing in North America. We have to fight everybody, all the time, everywhere!
I feel like we're in the middle of a game and we have to give a pep talk back to the economy."
“This is a basic premise upon which capitalism was built, and we’ve drifted so far off the pendulum that we don’t even question anymore policies like this."#MakeDCListen!
Related links: The Truth about the Minimum Wage
RUSH: You’re Worth What Somebody Will Pay You
