Home Store In Memoriam Deborah Newsletter Forum Topics Blogfeed Blogroll Facebook MySpace Contact Us About

Forbes on Fox: "Minimum Wage Hike Will Hurt American Workers!"

Reported by Melanie - July 28, 2007 -

While I was watching Forbes on Fox this morning (July 28, 2007), I was jotting down some of the outrageous quotes from the show to send to Chrish for our Monday morning outrageous quotes post. But there were so many that I decided to do an outrageous quotes post dedicated to one segment of that show, a discussion captioned: "Minimum Wage Hike Will Hurt American Workers!"

The first panelist to speak was Mike Ozanian, the Senior Editor at Forbes. When substitute host Dagen McDowell asked him how the hike will hurt, he said, "Well, simply because people who own businesses, Dagen, will pass that cost along, either in terms of higher prices or they'll hire less people. The last two times we raised the Federal minimum wage in this country the poverty level increased...because business owners hire less entry-level people."

Steve Forbes: "The 70c increase is not going to do too much harm but when it goes to $7.25 in a year and a half, that's when it's going to start to bite... Remember, only about 200,000 people working full-time make the minimum wage and they don't stay at those levels very long. They're trying to move up."

Dennis Kneale: "I've been torn on this...maybe at some point, at a bare minimum, the Federal government should step in."

Ozanian: "Hiking the minimum wage is simply a leftist way of waging class warfare."

Michelle Steele (a reporter at Forbes.com): "I was going to say, if you're working full-time in this country, you're working a 40-hour work week, why should you be working [for] poverty level wages?"

Ozanian responding to Steele (with my personal fave): "Because that's all you're worth! That's what the market says you're worth."

Comment: Quite a cold-hearted lot, aren't they? Oh, and Steve Forbes might want to check his numbers. According to the Economic Policy Institute, "An estimated 13.0 million workers (10% of the workforce) would receive an increase in their hourly wage rate if the minimum wage were raised from $5.15 to $7.25 by 2009," and, "Over half (53%) of workers who would benefit from a minimum wage increase work full time..." So, Forbes' 200,000 number is so far off it's laughable. Fox should issue a correction.