He's like a dad talking to his naive daughter 😂

hahaha peters face, as she explains why employers love to pay higher wages

Valley Girl Economics.

She couldn't be more wrong. Emotions don't create jobs

P.H.D. in economics, lmfao!!!

I'm going to go ask my boss Monday if he can increase my wages so that I can be more productive!

This chick is so misled. Keynesians make me lol.

If only Catherine could see Seattle's job market now.

I almost can't believe that this woman is serious... I feel like this whole thing is a parody and she is a higher actress. Her logic is so off.

Yeah Peter Schiff is a financial genius. I would think critically before taking a contrary position to him.

Peter Schiff's books should be made part of school curriculum all over the world.

large corporations should want a higher minimum wage, to price the small businesses OUT. The problem is undocumented workers

This woman keeps going back to the point that higher paid workers are more cost effective in the long run because there is less turnover, etc. And that almost certainly is true. However, what she is missing is that it is not the high wage that produces the low turnover, it is the lower prevailing wage at competitor companies that causes the low turnover for the company that pays higher wages. Meaning, there is low turnover at the higher paying company because the employee does not want to lose that job and enter the workforce and risk replacing that job with the lower prevailing wage at a competitor. The higher paying company will lose this competitive advantage if the government raises the minimum wage to match what was their higher wage. The employee will no longer have the same incentive to stay at any company because he can enter the workforce and find comparable pay because every competitor now pays that same higher wage. Unless her point is that there will be job cuts and thus fewer available jobs overall as a result of raising the minimum wage. The employer could expect lower turnover at the higher minimum wage in that case because the employee will not want to risk entering a workforce and not being able to replace the job at all!

It's interesting to see how she dodged the "hair cut going up in price" question. "I don't understand where you're going, but I'm just going to do everything I can to change the subject". That is a GREAT lesson in debating. She did that flawlessly. She made it seem like Schiff was going off on a tangent, and then prevented him from making his point. She knew DAMNED well where he was going.

I honestly thought her brain was gonna explode during the break...

"she doesn't understand her own point"

I think she has the perfect example of intellectual smoke screening: throw so many points at your opponent so that they can't respond. I like how Peter took a leaf blower to it.

*Schiff:*Basic economic law of price and demand *Catherine:*Incoherent doublepseak I'm a brick wall fuck economic law government power spending stimulus *Schiff:*Basic economic law backed by data NO NO GOVERNMENT SPENDING INCREASED MINIMUM WAGE!!!!

Okay, I get it now. If you take out the minimum wage, then business can charge less on goods because they don't have to spend as much on workers. Since they don't have to do that, then the price of goods comes down and the dollar's value essentially goes up because goods cost less.

My wife and I had a (live-in) full time maid at my house in the Philippines.....because she cost me $50/month, plus food and room. ....Her friends wished they had her job...they had none.

Is she an economist? I find it incredible that she can't grasp the concept of supply and demand.What I find even more amazing is that she thinks she knows what's best for all these businesses, that when they set wages, they're not doing it correctly. It's actually hurting their business, according to her. But SHE knows what's best for the business and the employee, so she's willing to use the power of government and threat of violence to impose her own view of what she thinks works on paper, despite the fact that the business and the employee know better what's best for them. Liberalism truly is a mental disorder.

she used the worst example with henry ford, henry fords workers were worth the amount they were being paid, why should the guy flipping burgers make the same amount as the guy building cars? and henry did it without a minimum wage! so how is that an example of how the minimum wage works when it only effects entry level jobs?

I agree with Benjamin Franklin, ”People willing to trade their freedom for temporary security deserve neither and will lose both.”

She must have gone to the same school of economics that aoc did 😬

Sweet Jesus, I feel like she had no idea of the ambush she just walked into. I almost feel bad for her. She had and has no clue. She sounded like one of those typical politicians who, when backed into a corner, just spouts off talking points as if they have no comprehension of the words that are coming out of their mouth. The bottom line is if your economic theory has no logical basis in basic economics (his did, hers did not), then you're full of it. She can't explain the actual mechanics of how her option fits reality and human action.

Peter: explains a concept in a logical, understandable manner Catherine: "well, that's not actually the case"...

Peter makes a great point when saying, "then why not $11 an hour, or higher?". The point she was missing is that we have increased the minimum wage multiple times throughout history. Yet why do we have to keep raising it? Why are we always in this debate about raising it? Because prices rise when labor gets more expensive. Basic supply and demand, which she doesn't understand.

I think Catherine won this debate, because she got a free education from Peter !

She's dead wrong, but is a nice girl who can have a good argument, listen, and learn something.

17:23 is when Peter Schiff said enough is enough and proceeded to give this economist a lesson of her lifetime which demolished her full theory in all the years of study into oblivion by finally telling the truth! Way to go Peter! Way to go!

I'm embarrassed for Catherine, she just can't think logically.

BINDING minimum wages hurt the EXACT people it was meant to help: low skill workers. When you raise the minimum wage, to an especially higher level above the binding rate, causes employers to hire less, higher skilled workers, and more capital (machinery, robots) further helping high skilled workers at the expense of low skilled workers.

Education reform. We really need it!

It's a shame she's not on the right side, she seemed intelligent and well articulated when she wasn't being interrupted. Peter is a great guy, but he can get carried away at times.

1:15 - 1:48 I can only imagine what is going on inside of Peter's head as she is spewing fallacy after fallacy.

While she is entirely wrong, she's also very polite and articulated. Great debate.

Raising minimum wage doesn't affect goods? There is a reason why Big Macs are not $1 anymore. They are $3 (triple the cost) and now Mcdonalds charges .25 cents for extra condiments? This chick is off her rocker.

people need to read Henry Hazlitt

Another fun fact Peter... if we were all slaves, we'd all have a job too haha

I know someone in fast food who believes they should get paid more, but it's hard to explain to them that fast food work is low-skilled, and nobody is going to pay top dollar for someone to flip hamburgers!

I feel sad for her

She has a bad tooth to gum ratio.

remember, feelings over facts everyone

Peter was kind of getting punched there, until about halfway through, - he just turns on the rocket jets and destroys her arguments. 😂😂😂

Either way, It's a lose lose situation. I wish people would grow some balls and stop working for these greedy corporations.

The contempt for working people on display here is chilling.

One issue I see is, how do you live while learning new skills that pay only $2? Yes you learn a skill but how do you pay to live? I agree with the concept but I think it's an important question to ask.

Having a high minimum wage is a fantastic idea, if that's where you are staying the rest of your life. We should get rid of minimum wage laws, and pay people based on what they are worth.

"Tell me Catherine, how slippery--in dollars--is this slope we're talking about here?"

Does it not occur to her that Costco is lobbying for a higher minimum wage because it works in their business model but not their competitions??????

Back in college i took a job at a sushi restaurant and got paid $5/hour but i got free meals. I worked hard and learned to deal with people on the job. Then i got a bigger share of the tip pool and more hours on the weekends and overtime. Plus if i had to pay for my own food, i had to go get food and paid taxes on those food and gas for more trips. I learned how to deal with people more nicely, changed my attitude for the better and became more confident dealing with people. Peter is right! :)

As for less turnover 12:15... how the hell can that work when all jobs pay the same and according to her there are now more jobs to choose from. So ridiculous

Saw a mirror to this interview and found it really helpful. Thanks for the insight Mr. Schiff.

Peter hires people. Catherine doesn't. Why should we listen to Catherine on how hiring works?

Manufacturing jobs are the best vehicle for on the job training, 28 years ago I started on an assembly line for $7.25 an hour, I’m now national sales manager. Dozens of the men I started with went on to QC, R and D, IT technicians. Hell even my VP/General manager started as a traffic manager in shipping. This is the opportunity we lost for our young people today when we exported our production floors off-shore.

6:43 any time someone says "I'm not really sure where you're going with this" they're saying "I know exactly where you're going and it's too good a point for me to argue with"

He was respectful I feel. He is very personable.

If raising the minimum wage creates prosperity and low turnover rates, then why don't we raise it higher $20 or $30 an hour. Crickets on Catherine's side. The free market sets the price, not government regulations.

"she has no business being on phd track"...lol

She's not too bright. Paying your employees more leads to less turn over because OTHER EMPLOYERS ARE PAYING LESS. If the minimum wage raises, then other employers are paying the same. Your back where you started, just with a higher cost of labor.

If the host had been that guy named Matt Dillahunty, he would have responded: "This is my show and you are not gonna preach on my show, Good.Bye!"

I hate it when people rant and talk AT you opposed to having an engaging relevant conversation and talking WITH you.

she said peter is talked "theoretical" and she is talking "history and science"...that women is INSANE.

I love when she brings up the post WW2 boom. As if the world being in complete rubble didn't have anything to do with it. Sure there is no reason we can't go back to that, let's start WW3!

I work in the gov't and we get inflicted with many of these fantasy job and pay concepts. The end result is that it is nearly impossible to get rid of the useless, shy of them commiting a crime, in a timely manner. People don't magically gain a work ethic just because you pay them well. If anything it makes them even harder to improve since they are comfortable in their situation.

Schiff: "...if you could hire a maid cheap, would you hire one?" catherine: "you keep asking all these theoretical questions!!" hahahahaha

15:25 LMAO "I don't know why we need to draw a line here." THAT IS EXACTLY WHAT YOU ARE DOING. $10.60 is not a line, but his theoretical $11 is a line? "Oh, it's because mine is based on science." Well, why did science stop at analyzing minimum wage increase to $10.60?

"The break will be long enough for you to collect your thoughts." Hahahaha! He barely could keep himself from laughing out loud as he spoke this lady in the beginning of the video... You just gotta love Peter...

Trickle down is 100% wrong, whether it's Keynesian Economics, or Reaganomics. And yes, plenty of conservatives still believe Reaganomics works. It blows my mind. They're basically two sides of the same coin. Conservatives and Liberals both contradict themselves plenty.

Cost savings from employee retention are largely unrecognized and untapped. Most managers take churn as a cost of doing business. But to suggest raising the minimum wage would pay for itself in lower turnover seems like a stretch 🧐

50$ for a haircut? wasteful...

Milton Friedman made the same argument as Schiff in his Freedom To Choose series.

I took an internship in a local accounting firm. My college told me that I have to pay for credit for this internship. The firm said they won't "hire" without internship because it is against the law, since they didn't pay me any wages for this internship. I didn't earn any money, but I paid money to my college. NONSENSE.

2019, now they want it to be raised at $15.

Yup, she never considers the unseen, unintended consequences. Well put, sir.

One of my favorite Peter Schiff clips ever

The reason she doesn't have a maid is that she has invested capital in a washing machine and a dishwasher. This is exactly the same as Ford investing in robots.

She forgot that fewer people get hired in order to cut costs, employees are worked harder to make up for it, and there are fewer jobs to go to.

If higher wages = higher productivity then lets make the minimum wage $1000 an hour. Then productivity would be the best in the world!!! Give a McDonalds worker $1000 an hour and he can make 100,000 Big Macs an hour and then that McDonalds would have 100,000 customers an hour. Imagine if they had 10 employees, that would be 1 MILLION Big Macs and hour sold!!! McDonalds would become the highest market cap company in the world!!! Wow this is so amazing!!

It is scary when people, who never had a business, speak so confidently about economics.

What scares me more than people wanting to raise the minimum wage is that they do not understand either side's argument.

Catherine should have taken that chance for her own good to leave at the second brake... She just humiliated herself publicly and showed her ineptitude...

Could you please clarify the application of this information to the minimum wage 'discussion'? With respect. ty

Peter you da man!!!!! Love ya! Just love ya! You bet I'll buy something from your firm, when I can!

Catherine Reutschlin may be overly sensitive and avoided some good points Peter made but Peter should've been nice enough to let her have finishing words...

She's a filibustering numbskull, evading and blubbering without saying anything coherent.

I love how minimum wage folks believe that by increasing it, they'll create employment. Do you seriously believe by making it more expensive for small business to hire that they're going to hire more? That's ludicrous.

Love, Peter! His expressions say it ALL :)

And government is not a Hedge Fund: it's an institution given authority limited to defending rights & Liberty.

Good job Peter.

For every 10 bucks that an employer gives their staff, an additional 20+ dollars are spent on employee overhead. Many small business owners already feel like they've gotten the shaft, and they'd be right.

Peter Schiff for President....

I shouldn't watch this when I lift weights. It makes me laugh listening to her.

God bless you!

So we'll just continue to raise the minimum wage time and time again? And continue to have the same dead end debate every time? Awesome.

peter this is your best video or one of the best!

Yes, how insane it must be to want everyone on the planet to have a chance at a decent life instead of just an elite few.

This is why we get out of university and everyone asks for a degree and 3 to 5 years of experience for the minimum wage who doesn't allow you to even live independently. From Portugal.... God what are we doing? Where's the common sense

I loved the haircut response too! Thanks for reminding me.

When I was a teen, 40 years ago, it was rare to see older people working at fast food restaurants unless they were the owner or manager. Today more parents are working in these low wage jobs. Walmart is such a low wage job, that tax payers must subsidize the workers with food stamps, while Walmart pays billions in dividends, and billions of dollars to the children of Sam Walton, Walmart’s founder. The wages for the top 5% have increased dramatically while the lower 50% of wage earners have lost 5% of the nation’s salary pie and the group between the bottom 50% and the top 10% have lost 3% of the total salary pie. If the average wage increased at the same rate as the top 5% the average wage would be over $85,000. While people like Peter Schiff have lots of excuses why we should pay average people as little as possible and pay CEO’s as much as possible the number of people working low wage jobs is dramatically increasing due to automation and outsourcing, a $15 minimum wage for Walmart would change a lot of lives.