Libertarian “economist” and Tea Party darling, Peter Schiff, showed just how heartless and out of touch Libertarians have become by claiming that the “mentally retarded” should work for $2 per hour, because “you’re worth what you’re worth!”
The investment broker and talk radio host also told the Daily Show that lifting the minimum wage to $10.10 per hour, as Pres. Barack Obama has proposed, could have devastating effects, using simplistic economic reasoning that belongs in the 19th century:
“There’s a law in economics, supply and demand, that you learn in Econ 101, and if you increase the price of something, you decrease the demand,” Schiff said. “The higher you make the minimum wage, the more jobs are going to be destroyed.
He also made the ridiculous argument that government programs, not predatory corporations who pay poverty wages and expect the taxpayer to pick up the tab through safety nets such as Medicaid and food stamps, are “trapping Americans in poverty.”
“I do like to taste the tears of poverty in my milkshakes,” Bee said.
Schiff said those workers already earn enough money, and seem to be “enjoying” their poverty wages:
“Did you ever go into a McDonald’s or Burger King?” he said. “I don’t really eat there, but they don’t seem desperate and hungry to me. They’re young kids, they seem to be enjoying themselves mostly.”
Then, he used his Libertarian imagination to ignore the reality and plight of America’s hungry:
“It’s socialism that creates, you know, scarcity, that creates famine,” he said. “In a free market, there’s plenty of food for everybody – especially the poor.”
But the kicker came at the end, when Schiff argued that eliminating the minimum wage law would allow more people to enter the workforce, and the host asked him to identify someone whose work might be worth just “$2 an hour.”
“You know someone that might be? Maybe someone who is – what’s the politically correct word, you know, for mentally retarded,” Schiff said. “I believe in the principles this country was founded on.”
“I’m not going to say that we’re all created equal,” he said. “You’re worth what you’re worth.”
Please watch the video below and spread this Libertarian’s shame on social media forums.