Minimum wage

okay it's gonna add five thousand dollars to every adult out there that's extra buying power for the same amount of stuff it's not immediately more stuff it's a lot more consumption and nothing on the production side okay so it's clearly just going to be a bunch of higher inflated prices now maybe some of these people are going to take this and start a business or they're going to invest it somewhere put it in stock market or whatever and there could be like a little bit of growth but you still had to take the entire piece out of the economy to begin with and it's all going to get paid back if you didn't take it like directly and spend it you borrowed all of it and you're going to pay back with interest now you got to pay it back with interest over time and So like this whole idea, the easiest way to always test this is if giving everyone $5,000 is a great idea because you're going to invest it back and they're going to spend that and that's going to be great for the economy.

Why are you stopping at $5,000? It's like when people talk about the minimum wage should be $15 or $20 and that's going to be better for everyone.

Like why not $100? Why not $200 an hour?

This is the advanced modern monetary theory that that is that the leftists absolutely love.

That's the

hardest job.

I would rather work for federal minimum wage at McDonald's than stay at home taking care of the kids.

Okay? That is the hardest freaking job that I could possibly ever imagine.

because they're terrified of losing votes.

And so we see here one of the parties, Quebec Solidaire, they're talking about a $20 minimum wage to get all the votes of young people.

Folks, minimum wage laws, there's a lot of debate going on.

I used to take a serious look at these when I was Minister of Finance in Alberta.

What a minimum wage law does, it doesn't take into account what are the prevailing economic conditions and whether small businesses can actually afford it.

They're simply done to get votes.

So it's going to be coming in at $20 an hour and is in every case when minimum wage laws go up, small businesses close because they just can't hire at that rate.

People say, well, you know, you should be able to work in a fast food place and be able to sort of be able to support a family folks.

If we can get in a further pension scheme to promote financial independence, it would be very valuable in decades to come.

You mentioned things which aren't plain sailing, and I guess something else which wasn't plain sailing was the comments from the economic development minister about the minimum wage.

Was that something that you were consulted on before those comments were released?

I am aware that Deputy Voisin has concerns about the minimum wage.

We had discussed it in principle.

But I think we, as you know, the minimum wage has taken a different There was a different process for the last couple of years where over 24 and 25, the Assembly gave the Minister powers to set the minimum wage, which she did in consultation with council ministers.

And that has led to very significant increases with a view to reaching two thirds of median, which I think it does now do.

So we are now in the, from my perspective, we are back in the statutory process where we've gone to the employment forum.

Heidi, the other part of this report that caught my attention is about how unions benefit communities.

And, you know, for the life of me, you know, there's been a struggle to raise the minimum wage, minimum wage, which is $7 $7.25 an hour.

That's the federal minimum wage.

States have taken it upon themselves to raise it because you can't live on $7.25 an hour.

Although there's a lot of states, mainly right-to-work states, that are still at $7.25 an hour.

Don't communities benefit? Don't they spend more money when the wages go up? Therefore, America would be more prosperous.

I don't understand why that argument doesn't doesn't get through those in Congress that are refusing to raise wages.

Yeah, that's the question of the hour, right? It is absolutely true that, and we're just talking about the minimum wage for now, that the evidence is so unbelievably clear.

So the good old Wall Street Journal came out with a wonderful piece just after our podcast, not suggesting they listened to us, but that they perhaps saw the same data we did.

And their headline, David, is Newsom's Minimum Wage Whitewash.

So the story does a wonderful job of sort of just backing up the things we said that Newsom's hiring, you know, the hiring numbers under Gavin Newsom has mostly been in government, almost exclusively in government.

And then, in fact, private payrolls have shrunk over his two terms.