Dec 10, 2013|
Garland talks with Dr. Jose Bautista of Xavier University about the inequality between the rich and the poor in America and whether we should raise the minimum wage.
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Automatically Generated Transcript (may not be 100% accurate)
Welcome back. In the -- -- today. Look at all the Rio we're. Couple tough competitors like do you believe that. The quote corporations. Have come up with a stinging criticism. -- No new news media are reporting and. And also we've got to talk of raising. Minimum wages. And growing. Inequality between the rich in the port. We're gonna cut pro small window when -- will talk about the issues with the Pope in the next hour. This sorry -- is primarily an equality between the rich and poor minimum bridge is being rolled into the same social debate. And one of the things will debate and talk about here -- will also incidentally in the second half hour. Upload a gentleman who made a lot of money and Silicon Valley and now he's sort of financing. A move blunt Q. I think it's already on the -- foreign election. -- pushing rate news California's minimum wage to twelve dollars per well. And as usual when it comes to become -- movement glimpses subjects is complicated. Go to doctor it was a bit TC economics professor division of biz news a brilliant effort to be doctors always great -- Thank you very electorate and we'll talk to me about minimum wage would what are your thoughts. Well we're probably is strangely area operation imposed a vote. What the what the forces of supply -- and would it would dictate so if there -- situations where. People would be willing to work 405. Dollars an hour six dollar an hour. Would be. Popular -- political. Feeling is that well that -- now that's in situation for assisting people in Serbs so therefore. The government usually. I'm -- and requires businesses. Two up today. A wage higher than that and only QB eight below that that's flights sub minimum wage. -- Would we raise the minimum wage in 2007. Right congress. Yeah. Boozer a lot of -- -- that was our love to be entered that that group through early usually I was buzz a look at the current polls. To see that Americans including. Pretty large percentage of Republicans or all four raising the minimum. Albert always there -- straight. Two types who that there are -- economics side to it and then they're pretty. The emotion dollar political site to a the economic try to return it whenever you have you impose a great minutes -- back. Market be chairman and in this situation and it's going to be great. Upload where. What the market would dictate you're gonna wind up -- day access supplier surplus. In this case it's -- surplus workers. Obviously -- higher wages more people would want to work entirely just let businesses would be less able -- less willing. -- pay higher wages so there's that gap. The excess supply of workers and excess supply. Would translate into people looking for work means unemployment. The other site -- as well you know you have to look at people -- who were living. Minimum wage. And you can't have businesses exploiting people. And to working at at wages where they can so they can't sustain themselves. So here there are two different ways of of analyzing the problem. What is more air you know technical and the other war -- Hundreds oldest were cute grin in what I call borders is a different society and -- included. We we did show yesterday you and documentary new documentary out called death by -- and and it makes a very good duo argument. That we should do minimum buying. From China is appointed. All the job losses factory closings but even more so lose the feeling of -- technology. Growing. Powered by them -- bios and on and on. And and I stood with the -- -- -- put the document -- together to book it's all horrible and adults sounds. Absolutely true -- what do we do about it needs a -- we've got to buy fewer pieces from Joseph. And it's Obama white and and think about renovating her kitchen. And I got -- the other night were looking for microwaves and refrigerators and etc. That were not made in trying to that doesn't mean. Not made by American companies would still looking worldwide. And up around them but they were incredibly expensive. And in the one front on the war in that got the American temperature. Now owned and but they're much cheaper. I don't we get past. Well. I want these people that have above minimum wage but a walk up five dollar -- Directly -- that Betsy Betsy issue you know whatever their circle for. Tea and a prediction quote all her. Or supply. Supply limitations. Bet I can result in higher crisis and defect there you know it's lectures that are area. -- dislike. To. You know we'll bring commerce to other countries China in particular because it's the most populous country in the world with -- probably yeah. What Leo. -- labor. Labor wages paid again throughout the world. That translate into lower prices. Of the commodities that you know we fight there -- from China. And so therefore you know you put limitations on where what we purchased from China would you know with with the they'd be gentlemen that you know made -- be arguments yesterday. Would you be willing to pay higher crisis such as you know you're experience when you went to when. -- -- You know are we willing to pay higher pressure and the natural tendency of any consumer no matter where they are mr. gravitate to the lower per. All right we're we're thinking about these growing issues of inequality in this country even. Aaron Walter journal couple. Academic media. That say business big business Wall Street. Themselves or concern. About the separation between the very bridge in the very poor. And the disappearing middle class so even today considerate problem. The question is where or the answers. That's what we're talking to doctor Jose blue -- up from Xavier university's. Division business. We'll come right back double to build. A big -- medium group on the Ria. -- subjects. In the -- today kind of run together at the Pope France's stinging criticism of capitalism. The debate over minimum wage is -- Inequality which is becoming more and Mora and issue. Not just with the people that don't but also from everything I'm reading. Of the people could do that or were beginning to -- his his problem. Doctor who's able to uses with -- us. Economics professor division of businesses Xavier University. Doctor do you agree with what I've been reading that. A growing number here and in the big time business world hedge fund -- -- Wall Street. Are becoming concerned about the the gap between heaven that talks. Oh sure over the past. I say it's in the past five to seven years. The medium medium incumbent United States is actually all. Of stroke where we were. Again about seven years ago we're in the outside. It throughout the world in terms of median income I think we slowly in my last check Padilla that data. The fall into problems. Attempt has not so we're out we're outside the top 100 yeah in terms of median income. Across the world. So you know that is that its concerns. OK let's say it's concerned let's say it's something they wanted to do something about. Capitalism. I admit I'm Sorrell a year ago oversimplifying here. To me is has always been kind of those survival of the of the fittest. Economic model. But I think -- done better than any ultimate economic models in the world but it's tough -- if if you don't. Half of what the supply and demand demands. Then your not gonna have as good alive at all the people who at least when it comes to money here and and materialistic things. Of with the all that said Walt what can be done. Well or not it's not so you have to put their survival of the -- this trend a trend that detonates the yeah. Certainly see the the actual the crux of the of the issue what -- -- -- and what. The American economy and oil market based economies McCain or coach out someday and you know say at the Soviet. But it's based on people developing their own productivity or -- -- people who want to enter the labor force in our entry level. Employment -- people into the labor force entry that at entry level wages. Well look toward. Of year. Achieving the American dream and think do backed by using be using the experience. -- to improve their productivity again to move to move on. Upward. Professionally -- and in terms of their income. Economists call -- you know development of human capital. Greater education greater. Greater. Bring greater job skills learned learned over time -- the -- factors that that are the solutions and not. And that's the minimum wage. Well -- we've been talking about that for as long as I've been on this planet you know quick and batteries education. You give people. More opportunity. And every show we're doing their education is about how for a behind -- Paul. It is that the answer -- sit around wait toward your thirty years in hope. That are educational system has been improved to give everybody a more equal treats. Well it. It's it's not a matter of letting it brilliant like iron to merge seniority. Gaps are and then making. Making improvements. Yeah. There are. There are issues in the area of education that have to be improved -- -- thing about via the improvements that have been made Robert chimed in terms of technology. I'm quite sure these same argument he's going to be you know this same argument of taking place -- -- you know back in the in the in the in the previous century who are now. Or is it -- where he you know transportation analyst. Where it was not a market size from. You know from what needs to and other. For a mile from rail travel to air travel. That resulted in you know changes in. In. -- needed changes in labor -- progress as a result in a Villa in silly development of new. You know how you doing better. Labor labor force church. Made the economy grow and it's a matter you know it's a continuing process you know it's a dynamic process that is that is happening to the oh sure it sure you know it it's happening here it would have been if it happens in in in in countries in markets where. You have institutions that make it more conducive. True. To grow to be more competitive. If you if you start talking about quotas if you start talking about putting you know loan debt and minimum that. Then that's -- that's stagnate opportunities for growth opportunities for people to want to. Move upward and move forward. -- but again you have of will YouTube -- numbers speaking to a group of people. And and somebody just a question okay what's the answer is is the basic answer -- the only answer. Well let's try everything we Kim right now on -- wait twenty years to see if the educational center pays off. And I don't mean that facetiously I mean really bored what is the answer is that the only one or one -- -- It's it's what I have in it's it's it's a primary. The primary went to get. To get productivity and that's key to everything to get people's. To get people to develop the initiative to increase their productivity. Because in the absence of that -- you're gonna have. You know the same skills. Carried on from morning from one generation to another and that's what you want to do you want to -- you know group of how is greater -- corporation have. Jump up -- you know better skill set you know what. Right now richer rewards says -- a lot of people. Would say that you know my other. Mario. Where elementary school child knows more about -- I don't work myself overnight Q what are the good thing. That's a good thing because our they did you know that exterior issues to be more technical Serbian minister. That technology become more sophisticated becomes more complex. They're gonna be ready for the forward you know for the future and developing skill -- which you know you organize. Are probably you know. Like you're behind it. The dog I can too little model for. I don't know much of what to do with it after that but I -- -- -- -- you know. -- are -- the state review the hit admittedly unity. A silly question but I'm curious. -- -- I -- the people in the fast food and change through the people in the restaurant industry goes. It affected the most. By. The wrong raising the minimum wages in the -- all of this happened. I'm an have to cut back on on people you know led to their cue from raising -- survive fewer workers. In this seems like such as cynical thing disabled then why wouldn't you going to -- you can pay less for obamacare. You're gonna blitzer overhead cost what what's your argument or the the big concern about cutting back. On workers because if they can cutback on workers. That that means the -- by the -- and access excess of workers before. Or. Doubts that -- their blueprint should be in the first. World what among mr. Well what being a result of that is should you have higher unemployment. Employer hiring and employment it's either. They're going to be looking for other. You know other entry level jobs or they may -- any drop out of the labor market. But that's about the concern of of small business and. Well it should be it should be everyone's concern because. Everyone pays taxes to support people who were there to apply for unemployment. Unemployment benefits and so therefore becomes a social problem. That every society you know -- -- there. Update four. Indirectly. If you know more and more people go now you know one and employment order. Require a transfer payments for their survival and so therefore. You know you people who say the industry the minimum -- you know you know OB -- Taking care of well yes -- -- gonna be the recipient of that but -- once you. Which could become unemployed then it gets cold and then you start looking for. Yeah you start looking further employment and you know when you don't get -- which you don't. We you don't get what you want saying you have to rely on them. Social programs. And then. Itself perpetuates itself. -- expertise of wonders -- an all America volume will talk about a simple subject. But going to pleasure to have you on the show you great holders. Well thank you very much Merry Christmas -- -- him -- her. Chris which Doctor Who resumed Tuesday economics professor. Division of the business Xavier University coming back electoral talked to a so can valley millionaire or billionaire who is behind the effort to raise California's minimum pay to twelve dollars per.