A lot of people are rightly chuckling at Peter Schiff after his performance on the Daily Show:
Most of it is boilerplate arguments against the minimum wage. The worst thing with Schiff is how disconnected and unsympathetic he is.
Minimum wage workers aren't starving, after all!
They're just goofy rich teenagers, after all!
Socialism is bad, after all! (how the conversation went from the minimum wage to public ownership of the means of production is a complete mystery to me)
We're not all created equal, after all!
It was that last one that I think hit people the hardest, particularly because it was with reference to people with mental disabilities (he said maybe they should only get paid $2 and hour). But the funny thing is people with disabilities already can qualify for "special minimum wages".
This seems relevant to stronger claims about the disemployment effects of the minimum wage. If the minimum wage has no disemployment effects at all, what is the point of special minimum wages for disabled workers? Aren't you just denying those workers money? The reason we have special minimum wages (and why we don't have minimum wages of $20 an hour) is that everyone believes that at some point disemployment effects kick in.
I don't think this is a surprise to anyone. This is precisely why economists talk about "modest" minimum wage increases. But it is an interesting wrinkle to the law that is relevant to Schiff's interview.
The Lonely Unicorn
1 hour ago