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Or haven't looks like a minimum wage might have a maximum impact -- -- in -- shot let's turn.
Today's money our panel to weigh in with me is Jonathan holiday.
Fox News contributor portfolio manager capitalists paid we have Christian Dorsey with the economic policy institute of course that's James Freeman with the Wall Street Journal.
Welcome to all of you.
Jason we start with you what you think what you just turn.
It's a sad story especially for the current employees it sounded at the beginning of the interview like they were safe although no new jobs but at the end he was saying look -- might have been -- some locations to and so.
This is exactly.
What most economists would prevent even you're friends on the Harvard faculty I think even labor huh this this is junk economics and -- -- you raise the price of labor you're gonna get wasn't -- James what do you -- -- Christian what did you think what you -- I've found the us small business owner you know largely sensible but I I'd like to bring got to keep couple of points from our president's proposal one.
It is a value statement Melissa in the value statement is that.
People who won't work ought to not be earning poverty level wages and certainly increasing the cost of -- -- -- increase cost for business but.
Increasing you know providing USDA inspections increases the cost of bringing food to market -- still the right thing to do.
And I think -- -- small business owner also was very very wise in what he said.
This is not necessarily -- to result in the loss of jobs because there -- other ways that businesses can go about.
-- -- -- -- -- -- Have to he's and it's gonna have to close locations and he's not gonna open new locations and hire new people -- Jonathan let's Christians main point.
Because -- you know it's the idea that it's the right thing to do that you want people that are out there earning minimum wage.
To be able to support themselves and that certainly is about you that make sense unfortunately.
That -- and the practicality ebit operating in the real world as at the money has to.
From some look.
Well indeed Melissa I mean wages are not arbitrary in a free market there actually determined by the supply and demand for labor -- quite simply some jobs especially some of the extremely.
Low skill jobs of which Shawn -- employees.
Are worth nine dollars an hour traditionalist point he simply can't afford to hire more people build that you establishment open that new store I think that's what's so difficult to.
For many on the left understand is that.
Women a minimum wage actually creates unemployment and -- -- exactly the low skill low income people that offensively the president wants to.
Respond to Christians point that this is that moral value that that people who are making minimum wage have to be able to support I think the moral statement that a lot of unemployed people want is show me a job and it in this idea of nine.
There's an hour is is a great help to workers why not why not go to 102050.
Dollars I mean of government can just conjure wealth for all of us.
It seems like mr.
Obama has really limiting us that I'm dollars -- I can't really look at go for her -- -- -- -- This for this proposals to bring full time workers from 141000 to 181000 dollars a year for my no means talking about well we're talking about making people were deeply -- Less -- let's get real here.
-- ever get your calculators.
Because I -- play this for you listen to what the president had to say we'll talk about -- minors act.
So tonight I propose we use some -- our oil and gas revenues to fund an energy security trust I propose a fix it first program.
The -- people who worked as soon as possible on our most urgent repairs.
Like the nearly 70000.
Structurally deficient bridges across the country.
No one who works full time should have to live in poverty and raise the federal minimum wage to nine dollars an hour.
Right type proposal working with states.
To make high quality preschool available to every single child in America.
Nothing I'm proposing tonight should increase our deficit by a single dime.
-- That was the part that got because if you added up all the things that he talked about it was hard because they weren't all totally specific that you came up with about a 163 billion dollars.
In new spending and I'm wondering how that doesn't add to the deficit at all Jonathan you're you're shaking your head guide to -- rapper he's.
It's more it's more edged up spoken hears from the president fortunately Melissa and -- results -- all government forced does.
In the destruction of wealth destruction of jobs I mean when government gets in the business of business no good comes -- making it violates everyone's rights the minimum wage is part of that the president said he's spending.
Is part of that and essentially results.
In the destruction of wealth but obviously that's a game plan to grow the economy that growing the size of government -- -- -- in the last four years it won't work in the next for a.
You may love a lot of things that he such as but they I mean ultimately that costs money it's like saying that you know you can lose weight without diet and exercise it just doesn't happen how do you do without costing money.
They look at -- thing that I took issue with president said last night I think this whole idea that we are soul hysterically focus on the deficit that we don't do common sense things to grow our economy.
Is completely ludicrous and he alluded to that fact.
Now they're all kinds of ways that you can offset this spending with increase revenues or reductions and other places but.
That that doesn't exactly move the ball forward I think the president should have been -- I'm talking about what needs to be done.
Hey let users on sluggish investments what Christian said it's it's an accident you have it's -- -- put that word Barbara you know it's clear if the question of last night was -- the government gonna pay for all this I think judge Jack -- largely answered it in his.
Nomination hearing today to be secretary of the treasury in the senate more revenue more revenue more revenue that was the answer on virtually every every time tax reform came up.
That was his answers and job to job and real -- that's right.
Go ahead you can't and I guess -- they're revenue revenue is taxes just like investment that investment means the government spending and revenue means more government taxes so chunk -- might not cost four dollars now -- -- -- cost -- six because the more you tax people the higher the prices had a better me company can't code gets all I have to say guys thanks all -- -- for -- -- we appreciate --