Joe Rogan & Peter Schiff on Minimum Wage

hello freak so you don't think there should be any minimum wage at all no no no none boat so someone working for $1 an hour doesn't bother you well I mean it's better than working for zero I mean people think that you know they want to impose their morals and say well it's not right for somebody to work for $1 an hour well you know people make rational decisions right and so if somebody is accepting a dollar an hour and that must mean that nobody offered them a dollar 50 nobody offered them two dollars I mean this is a competitive market I mean I know you have an employee over here I mean could you pay this guy a dollar an hour what do you work for you I don't think so yeah what guess no because he could get more but he's he's educated and skilled and he's an engineer and of course right but it's very difficult for people to get that sort of an education particularly in Puerto Rico thought of as a third world environment sorry it's not third world but let's say some kid came in here that had no experience whatsoever but he wanted to learn he wanted to just get you coffee and just sit around and be around you he's not that productive yeah they use interns right a lot of radio stations do that and they don't pay them anything I know that's that's your mouthing I can't do that well then yeah but maybe you pay him five dollars now whatever it is but right people are gonna accept a job that's the best one they can get and so if somebody is working for $1 an hour or $2 an hour by default I know that they couldn't find a higher job the NAT speak right and the reason is because they don't have a lot of skills but if you don't have a lot of skills the best thing you can do is get a job so you can get some skills that's where you learn skills you get more skills you know there are people that pay to get skills right if you go to school you actually have to pay tuition if I'm getting paid a dollar an hour while I learn something that has value that's better you have people now borrowing money to learn a skill people graduate college and they're in debt it's not a way that's a weird argument right because you're assuming that they're gonna get a skill and they might just be handling packages and picking them up and moving to another location even as a whole or well even that's like show up on time be responsible for discipline there's a lot of stuff that you learn when you have a job but the problem with the minimum wage is that the minimum wage basically hurts the very people that it's intended to help because the minimum wage basically says if you are a worker if you cannot convince an employer to pay you seven twenty five or ten dollars an hour whatever the minimum wage is then you cannot accept that job see it doesn't hurt the employer it hurts the employee because it limits his options it limits his ability to sell his labor for the highest price that he can get and it limits his access to the job market it said you know you can't get on that ladder you you know you remove the lower rungs and so I can't climb up because of this arbitrary minimum wage because when you pass them in a wage you're not gonna force an employer right if I'm an employer and there's a minimum wage of ten dollars an hour and somebody comes to me and they can deliver $5 an hour worth of productivity meaning if I hire that person that will benefit me by five dollars an hour I'm not gonna pay them ten dollars an hour because then I lose five dollars an hour the only way I'm gonna hire somebody who's gonna give me five dollars an hour worth of productivity is if I can buy them if I can you know hire them for less than five dollars an hour so I can make a profit so it just it's just like a floor it's like if you cannot deliver enough productivity of whatever that minimum wages then you can't get a job and so it's basically making it illegal for people to work it is the stupidest law that anybody has ever conceived it should be obliterated I mean there are some countries like Singapore does not have a minimum wage and you know the average income in Singapore is higher than it is here per capita there's a lot more millionaires there I mean people have no problem we didn't always have a minimum wage in the United States I mean this is a creation of government and you know but the the initial minimum wages if you want to actually go to the origins of minimum wage in the United States it was about trying to prevent employers from hiring the Chinese or hiring blacks they were trying to force the minimum wage as a way to create unemployment it wasn't there wasn't a a good motivation but yes when they try to sell it to the voters oh it was all about we don't want people to be exploited but you know it's not exploitation if people voluntarily accept a job because it's the best job they can find the person who's offering the best job is not exploiting them there give and if you're denied an opportunity I mean there are a lot of people oh great you know they're gonna get the minimum wage up to $15 an hour well what good is it being unemployed at $15 an hour it's better to be employed at $5 an hour than unemployed at 15 because being unemployed means you make nothing all right we're a devil's advocate would be that if you can't afford to pay someone $15 an hour then you probably shouldn't have employees in the first place your business doesn't function that well know there are plenty cents no because there are plenty of jobs where you have entry-level positions I mean if you think that there should be no entry-level jobs I mean you go back to the days of full service gas stations right back in the day when you know you didn't have to pump your own gas so the case in New Jersey and a few other states yeah New Jersey you know they mandate it but you still don't get the level of service I mean if you meld into a gas station 40 years ago not only did they pump your gas but they checked under your hood they used to do it tires your your you know they they watched your windows you know they did all sorts of things you know with your car they didn't make very much money they lived off a tips by and large it was the minimum wage that eliminated almost all those jobs it's a minimum wage that is the reason that we have you know people self so much self-serve but what happened a lot of these people these kids that worked in filling stations became mechanics because all these filling stations had a mechanic there and and they they learned auto mechanics and a lot of them went on to own their own gas stations but of course a lot of them just this was their work experience that formed the basis for the rest of their life a lot of young kids had these jobs summer jobs and so there's nothing wrong with entry-level employment there's nothing wrong with people learning the responsibility of having a job of showing up of customer service of salesmen my first jobs were all sales I was selling subscriptions door-to-door I was telephone sales of this Z Channel in California I sold I was knocking on doors selling cable television I I worked in a shoe store selling shoes I mean hustler yeah but you were talking about you as a young man right it'll think of the minimum wage is applied to adults adults that have to take care of children that have to well a roof over the and food on the table and you're saying that that they shouldn't be having those jobs well by the time you are an adult with kids you should have accumulated the skills to earn a lot more than a minimum wage see that's the argument when people say hey you can't afford a family you can't support a family on the minimum wage of course you shouldn't even be trying to support a family if you can only earn the minimum wage you shouldn't have a family you you should realize hey I can't afford a family yet let me acquire the skills before I start fathering children right and getting married let me make sure I can support myself I mean a lot of people who are having the minimum wage they're living at home they're you know they don't need to pay the rent they're living rent-free what they need is a job they need maybe gas money get some money so I can take a girl out on a date but I gotta I gotta get some work experience I got to get out there I got to know what it's like to work I got to see you know I got to live in the real world and that's what used to happen I mean you don't have all these summer jobs anymore kids don't have the opportunity because the minimum wage has already priced them out a lot of older people now we're taking those those jobs and so the the employment opportunities aren't there but when you just raise them in a wage all you're doing is raising the bar where you can get your job you're not helping people now there's always gonna be some people that yeah there's gonna be somebody who will make a little bit more because of the minimum wage there's gonna be those people there's gonna be some winners but you're gonna have lots of people that make nothing because the minimum wage and then of course because you're driving up the cost of labor prices are going up and so who has affected the most by higher prices poor people people who are working on minimum wage and not only that you end up with less quality I mean you know I hate it when you know I call up a company and I'm just in voicemail hell and I'm going from when I would like a real person to deal with but you know then with the minimum wage those jobs don't exist there's so many jobs that have been automated out of existence we're not automated shipped overseas where there isn't any minimum tap shoes I mean that's who ya you end up with if you actually get a real person there in India right right but we have all these people in America who aren't working why can't they do those jobs yes you're not gonna be able to support a family on those jobs but before you even get a family you can have that job and then maybe you know five or ten years later you'll work your way up the ladder you'll get a skill and then you can support a family but nobody is supposed to be able to support a family and if you try to tell an employer hey you got it you got to pay your fry cook enough money to support a family you can't do that there's not enough productivity cooking french fries you can't support a family family if all you can do is cook a french fry you need to learn to how to do something else before you can support a family and you can't you can't put that on the employer now when you say that Singapore has a higher average income is that be cut and no minimum wage is that because there's a shitload of billionaires that have moved to Singapore because they don't have a minimum wage and because they can explore no wait lower-class people or people that don't make much money the the millionaires and billionaires don't even affected by the minimum wage what you'd have to look at is the rate of unemployment rates in Singapore yes they have sentence for very rich people to move there and doesn't that jack up the minimum wage are not the minimum wage rather the average income yeah well the fact that you have entrepreneurs that are succeeding in Singapore because they have small government and low taxes means that there's a lot of competition for workers and so that's what bids up wages right competition I mean I've got no problem with a vibrant market bidding up wages you just don't want the government to try to artificially force wages above their productivity right because it's ultimately your productivity that determines your wages you [Applause] [Music]

Channel: JRE Clips

Views: 1,358,641

Keywords: Joe Rogan Experience, podcast, MMA, UFC, comedy, comedian, stand up, funny, JRE, clip, favorite, best of, Joe Rogan, Peter Schiff, miniumum wage

Id: S6LtyFTEdis

Length: 10min 25sec (625 seconds)

Published: Wed Aug 23 2017