Stephanopoulos: Should the Federal Government be able to set a minimum wage?
Paul: Well, it’s not a question of whether they can or cannot, I think that’s decided. I think the question you have to ask is whether or not, when you set the minimum wage, it may cause unemployment. You know, those who are at the lowest wages, if you raise the wage to a certain rate, if it’s above what the employer deems that their labor is worth, they won’t get hired. So the least-skilled people in our society have trouble getting jobs the higher you make the minimum wage. And it’s one of those things where you see on the surface, you say “OH, all these workers at McDonald’s got raised $0.50 an hour!” But what you don’t see is that there were 21 workers, and now there’s 15 workers if you raise the minimum wage too high. You know, if it were a good idea to raise the minimum wage, and it worked, why don’t we raise it to $20 an hour? Or $30 an hour? Obviously, there is a point where you get to that you cause unemployment, and I’m not really sure that the government is always the smartest in the world as far as economic decisions.
A little something from Paul Robeson that explains why people like people like Ron Paul among others, should have been neutered.