Investor Exposes Minimum Wage Hypocrisy
Recent
protests by employees of Walmart and certain fast food establishments
have made headlines for the movement’s call for outrageous pay hikes.
While protesters demand $15 per hour for their unskilled labor, the
general population seems to be unaware of the disastrous consequences
such raises would have on the overall economic market.Famed investor Peter Schiff addressed those concerns in a witty video in which he tried to get Walmart shoppers to pay more for their purchases in solidarity with the retail giant’s employees.
“What we want is Walmart to raise prices by 15 percent and then give the money to the workers,” he said to one passerby on his way into the store. Schiff was representing an imaginary organization called “15 for 15” in the video and tries unsuccessfully to prompt shoppers who expressed concern for the workers to donate additional money to the cause.
Of course, Schiff is making the larger point that price increases are inherent with any such massive pay increase. The shoppers he interviewed for the video did not approve of that aspect, however.
“I think we’ll pass,” said one subject just moments after expressing a desire to see Walmart employees across the board receive a huge raise.
“I don’t want higher prices,” another complained.
When one individual explained, “I work too,” Schiff stated the protester’s implicit message.
“Yeah, but the Walmart workers are more important,” he asserted.
None of the subjects included in the video agreed to donate 15 percent of their most recent purchase to directly aid the retailer’s staff.
“I don’t have no more money,” said a shopper on the way to his car.
Sound Money Institute has been one of many news outlets to expose the perpetual ripple effect an overarching minimum wage hike would inflict on the U.S. Schiff’s unique ploy, however, might be what it takes to truly drive that reality home.
–B. Christopher Agee
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