Must-see morning clip: Eat your McNuggets with a side of delicious poverty

Two financial investors debate a minimum wage increase with "The Daily Show's" Samantha Bee


Prachi Gupta
January 29, 2014 7:01PM (UTC)

In a segment debating a minimum wage increase on "The Daily Show," financial investor and commentator Peter Schiff told correspondent Samantha Bee that "people don't go hungry in a capitalist economy."

Schiff, who believes that government assistance programs are "trapping ['the poors'] in poverty," argues against increasing the minimum wage because "In a free market, there's plenty of food for everybody, especially the poor."

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"It's socialism that creates scarcity, that creates famine," Schiff insists, delusioned into thinking that the fast food workers on strike are just big whiny babies.

Bee then interviewed investor Barry Ritholtz, who, citing "a number of studies," asserted that "increasing the minimum wage actually improves the economy."

"If we raise people up to just $11 so they are at the poverty level, they'll go out and spend that money on food and medicine," he said.

In Schiff's free market America, however, "$2 minumum wage" should exist for "Maybe somebody who is -- what's the politically correct word for 'mentally retarded.'"

"I believe in the principles that this country was founded on," said Schiff. That is: All people are equal, but some people are more equal than others.

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Prachi Gupta

Prachi Gupta is an Assistant News Editor for Salon, focusing on pop culture. Follow her on Twitter at @prachigu or email her at pgupta@salon.com.

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