Peter Schiff Asks: Will Walmart Shoppers Support "Everyday High Wages"?
Peter Schiff, author and analyst, who tries to see if people who say they support higher minimum wages equally support the higher prices that will be a result.
About 6 minutes and well worth watching. Here's the writeup at his YouTube channel:
Published on Dec 16, 2013
Walmart touts "Everyday Low Prices," but we asked its customers to support 'Everyday High Wages" instead. We posed as representatives of "15 for 15," a make-believe organization advocating that Walmart raise prices by 15% and use the extra cash to pay its low-skilled workers $15 per hour. The surcharge would be added to customer's bills at checkout, just like a gratuity at a restaurant. Not surprisingly few shoppers supported our cause. Even those who felt Walmart workers should be paid more did not want to pay higher prices themselves to make it possible. Those demanding higher wages for Walmart's workers should consider the importance of low prices to Walmart's customers.
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At the height of the Occupy Wall Street movement, Reason TV filmed Schiff mixing it up with protesters in New York's Zuccotti Park. Still bracing and insightful. More Schiff/Reason vids are here.
