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WBEN NewsRadio 930>Audio & Video on Demand>>Minimum Wage Discussion - Mike Lomas; Pt I

Minimum Wage Discussion - Mike Lomas; Pt I

Jun 18, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

This morning we're looking at the minimum wage. After a successful campaign to gradually raise the minimum wage in Seattle to fifteen dollars an hour the fight has moved here to New York State. As big rally in Albany yesterday the -- hundreds of supporters. Let's talk about it now there in studio guest Mike Long list. President of financial guys LLC Mike good morning good morning thanks for every year who are not in favor of reason anomalies. Now all I'm not a big fan of it I mean we've been doing it for years and years and years I think so I think it started in 193738. Cents. And it's just not working I mean that's the argument is always vaults and anti poverty. You know we're gonna help improve people's lifestyles that's not what happens I mean if you're a business owner you have a model that you have to operate with -- there's cost of goods cost of labor. And usually if it's a successful business there's a percentage attached to that so maybe you commit 20% or 30% to labor. And if you're automatically gonna start driving the cost of labor -- we need to do. One of two things he's the need to buy cheaper product -- cheaper food in the case of a fast food place. Or you need to reduce labor which typically means you're gonna layoffs and some people or. You're gonna start to move more towards technology which is ultimately -- you know those those minimum wage people anyway it's -- mean. The fact of the matter is you know most minimum wage people are young people -- elderly people the retired on Social Security they need a little bit of extra cash. If you look at. The labor force I think 20% of the labor force is under the age of 25. Yet 50% of the people on minimum wage are under the age 25 such -- shows you that these are college kids high school kids. We we were all there are trying to earn an extra few blocks. You know eight to me I just find it absolutely ludicrous to view to start a company. And I'm your friend I'm home I'm off I'm worth a hundred million dollars and I wanna help you and I said look I just -- a little extra income -- humbling to work for four dollars an hour light why don't have the right to do that and in the system mind boggling that somebody's gonna say. You have to work for this certain wage the argument that some of the legislative. And making this morning is. That most companies a lot of the smaller ones are already paying more than minimum -- over raising the minimum wage isn't going to hurt them to love what you're saying. Buck against that well it's it's you know ultimately what it's gonna do if they found. If I'm making let's say eleven bucks an hour and a minimum wage is -- another gonna move -- the tan well. You know out of prices for all the prices are gonna go operated mean. Well so of these companies are gonna probably either again lay off people or increased prices which means -- -- a little more money in my pockets so then eleven dollars isn't such a great and sent eleven dollars an hour and the quality thirteen minute fourteen it. And so on and so once that rises everywhere and have to rise with the -- or or layoff rate and that's ultimately what happens you know they did this a few years ago and we sat on our radio talk show on Saturdays recent Watson -- It was like January February they were increasing the minimum wage we have a lot since -- by June the unemployment rates. Amongst people over the age of below the age of 25 will bump up and sure enough in June that's what happened they -- get out of school. Out of college looking for summer jobs and that was last last jobs out there and if you're a business you have to a successful business has to operate in a model -- can only pay so much and so. You have to make that up in some way shape performance and the typically gonna either again lay off. Or. Reduce the quality of what they're solid and most of these fast food places there are places like that will ultimately. -- operate as you say you know look at I'm gonna have to go back to work on the place and I'm gonna have to lay off of but to retrieve people and run the catcher myself -- from itself.

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