• Another Useless Republican

      I really wanted to like Linda McMahon.

      I wanted to like the Connecticut Senate Candidate even though I once sued her (I guess I actually sued the sleazy business she and her husband run)  because one of her wrestlers beat me up. The wrestler claimed his boss Vince McMahon had told him to “teach Stossel a lesson” for doing a 20/20 story on how pro wrestling is faked.  I learned my lesson: Don’t confront 280lb lunatics who work for the McMahons.

      Anyway, I wanted to like Linda McMahon because she talks about fiscal responsibility and deregulation, and she’s running against a truly despicable lawyer parasite.

      I liked her today when I read this headline:

      McMahon: Congress should consider lowering minimum wage

      Yea!  McMahon is absolutely right.  Of course Congress should lower, or better yet, eliminate the minimum wage.  It kills jobs. This is barely controversial among serious economists.   Even the NY Times sometimes understands that.

      Look at the chart below tracking unemployment and raises in the minimum wage

      FBN’s Charles Brady points out that:

      For 10 years – from 1997 to 2007 the minimum wage held steady at $5.15 per hour.  Then in 2007 it was raised to $5.85.  It was increased again to $6.55 in 2008 and finally to $7.25 in 2009.  So over the course of three years businesses, especially those that rely heavily on minimum-wage workers, saw their labor costs soar 41%.  … Unless these business saw their revenues rise by a similar amount, this extra fixed cost came right out of profits or was offset by reduced hiring or job cuts.”

      Of course, the recession played a big part, but the minimum wage discourages employers from giving the young and unskilled an opportunity.

      So  McMahon was right to say that government should “look at what mandates are being placed on businesses and can they afford them."

      But then, the media jumped on that, and:

      “her campaign staff abruptly shut down a press conference…"

      McMahon praised the minimum wage:

      "The minimum wage now in our country, I think we've set that and a lot of people have benefited from it”

      … As a crush of reporters moved with McMahon through the business toward the candidate's SUV, McMahon said she didn't want to imply that the minimum wage should be eliminated altogether.

      "Don't take away this morning that I'm saying that we should scrap minimum wage," she said. "That is clearly not my position."

      What a wimp.   If so-called Tea Party Republicans won’t advocate sensible economics, who will?

      TAGS
      Economics
      Free Market
      Regulation
  • This Week's Show -- July 10, 2014

    MEDIA BIAS: When I began my career as a consumer reporter, I had an obvious agenda: Businesses cheat consumers! Government must regulate them! But when I wised up about the problems with government, my bosses resisted, and I stopped receiving Emmy Awards. Emmys reward liberal reporting.

    CENSORSHIP AT CBS: Investigative reporter Sharyl Attkisson has a similar story. She explains why she left CBS after it became "harder and harder to get stories on television" that criticized this government and "any powers that be."

    IS STOSSEL BIASED?: Years ago, journalist Howard Kurtz criticized me for not being objective. I said it's impossible for any journalist to be completely objective. Now that Howard Kurtz is on Fox, we debate again.

    THE OBJECTIVITY MYTH: Andrew Kirell of Mediaite.com says, "every journalist has a point of view and they don't just magically check it the minute they walk in the newsroom door."

    NEW MEDIA: Reason TV's Remy Munasifi uses music videos and parodies to complain about things like politicians' spending. One of his latest parodies highlights the scandal surrounding the VA hospitals. Munasifi discusses his videos, which have gone viral on YouTube.

    RETRO REPORT: It's great there's a new media organization called Retro Report, which reveals media hype of the past ("crack babies," America's landfill "crisis," the "superpredator," etc.) and corrects stories everyone in the media got wrong. I discuss the new show with its executive producer, Kyra Darnton.

    REAL OR FAKE?: Sometimes people in the media say things that are so bizarre, you'd think they were made up. Kennedy of The Independents quizzes FoxBusiness.com's Kate Rogers, Fox Business host Charles Payne and me to see if any of us can tell which quotes are real, and which were made up by my staff.

    MY TAKE: I used to report on lots of scares. CBS even ran an ad for me where someone called me a "guardian angel."

    That's bunk. The only guardian angel is a free and open society. That's what allows innovation, gives people longer lives, and lifts billions out of poverty. But these gradual improvements aren't newsworthy. Scares and disaster make the news.

    News is broken not just because we're biased but because most good and important news happens slowly.

    9PM ET on Fox Business Network