• Minimum Wage Hurts Workers (Tonight on Fox News @ 10pm ET)

      In my "Politicians' Promises Gone Wrong" special I criticize the minimum wage. That upset some people. One viewer wrote:
      Clint:

      John are you serious about the Minimum wage? ... think about all those working poor. If there is no Min Wage then what should be the Limits? ... So sad to see you selling out since your former 20/20 days.

      That the minimum wage helps the working poor is a popular policy. Congress recently increased the national minimum from $5.15 an hour to $7.25. A CNN poll found that 86% of Americans supported the change.

      Fourteen states increased the minimum still further. Washington State has the highest minimum: On New Years Day, it will increase from $8.55 to $8.67 an hour.
      The late senator Kennedy called raising the minimum "a fairness issue... If you work … you should not live in poverty."

      But as with so many politicians' promises, this one has awful unintended consequences. It hurts workers -- and the least-skilled workers lose the most. In tonight's show, Merv Christ, the owner of a combination meat counter and bar in Bakersfield, California, says:
      Minimum wage jobs are an entry level job to get someone some experience to do something.  You raise [the minimum wage] high enough, you cut those people out of the market.  Completely.

      Because it made sense for Merv to hire teens at $5 an hour -- but not $7 -- Merv now just does without their labor. Other businessmen replaced workers with machines. One, Warren Meyer, told us that the minimum wage has forced him to try out automated ticket machines at campgrounds his company operates.

      A study by economists this summer compared the change in employment in U.S. states where the minimum wage rose since 2007 (37 of them) to those where it stayed the same (13.) In the states where the minimum wage rose, unemployment rose more: 114,000 teen jobs lost.
      But what about Clint's complaint?

      "Think about all those working poor. If there is no Min Wage then what should be the Limits?"

      The answer: limits will be set by the market. Right now, some 95% of American workers make more than the minimum.  Employers pay more because workers have choices. The free market allows supply and demand to lead the best workers to the best employers.
      But the politicians are so arrogant that they think they can make people wealthier just by mandating it.
      When the minimum wage was first passed in 1937, Senator Borah of Idaho even said:
      “Every man or woman who is worthy of hire is entitled to sufficient compensation to maintain a decent standard of living … If [a business] cannot [pay that], let it close up.”
      Let it close up? How does that help workers?

      Hear more about this, and the other nine politicians' promises, tonight.

      TAGS
      Economics
      Fox News Appearances
      Government
      Labor
  • 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