Inflation is the business the Federal Reserve is in. It creates inflation, it has been creating it for years and it manifests itself in many different ways: higher prices being one of them. Wages are simply a price of labor. But what is happening through out the country is this push for the minimum wage increase. Look at what is happening in Los Angeles, they just increased their minimum wage to 15 dollars which is going to be phased in over the next 5 years, which will delay the damage somewhat.
But while this is going to be problematic for businesses it is going to be a much bigger problem for all the workers in Los Angeles who cannot get jobs because what the law does is, it says that if you have minimum skills and if you cannot convince an employer to pay you 15 dollars an hour, it is illegal for you to work, so many people will not get jobs.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
- ► 2017 (114)
- ► 2016 (252)
- Foreign Stock Markets: My Favorites
- How To Use Your Overpriced Dollars
- Investing: International Diversification
- The Economy is Slowing Down And Inflation Is Picki...
- U.S. Economy: More Bad News, Philly Fed Just Off A...
- This Is Stagflation
- Federal Reserve: Raising Interest Rates Is The Las...
- Yellen: What She Really Said About Interest Rates
- Federal Reserve: Higher Prices, Higher Minimum Wag...
- Wal-Mart (WMT): A Bad Quarter And It Probably Get ...
- The U.S. Economy Is Addicted To Zero Percent Inter...
- If The Fed Raises Rates, We Will Have A Worse Fina...
- Yellen Does Not Want The Stock Market To Go Down
- Industrial Production: Worst Losing Streak Since 2...
- Is The Stock Market Embracing Bad Economic News?
- U.S. Economy: An Official Recession For The First ...
- More Economic Bad News
- Retail Sales: Another Big Economic Disappointment
- What The Federal Reserve Is Afraid Of
- The Stock Market Is Sensing That The Fed Is "On Pa...
- The Jobs Report Is Awful Beneath The Surface
- Gold: Some Overhead Resistance Above 1,200 Dollars...
- Video: Why Gold Will Go Ballistic
- Stock Market: A Schizophrenic Type Market
- U.S. Economy: An Alarming Ratio
- ▼ May (25)
- ► 2014 (429)