Valuetainment - February 15, 2021


The Price of Raising the Minimum Wage for You & The Economy


Episode Stats

Length

8 minutes

Words per Minute

216.72578

Word Count

1,935

Sentence Count

149


Summary


Transcript

00:00:00.480 Minimum wage, 15 bucks an hour. Looks like they're forcing it through with the $1.9 trillion stimulus,
00:00:06.860 and you can't vote for it, I can't vote for it. Just to benefit of a political party winning
00:00:11.500 presidency, Senate, and House, and the other side has to pay a price. But I just want to give you
00:00:16.220 a couple stats here, and then I'll make my case due to small business owners and individuals.
00:00:20.560 Do you know what's the highest country that pays the most minimum wage in the world?
00:00:24.120 Australia. You know what it is? 1260. You know Australia is known to be a socialist country?
00:00:30.160 Do you know the next one is France at 1210, then Germany 1180, then Netherlands 11 bucks,
00:00:34.460 UK, Canada, South Korea, Japan, then it's US. You know what Russia's minimum wage is? $2.40.
00:00:40.480 You know what China's minimum wage is? You do not want to know China's minimum wage. By the way,
00:00:44.840 Norway doesn't have a minimum wage. There's a lot of countries that don't have a minimum wage.
00:00:48.240 They just trust the fact that the business owner is going to take care of the employee,
00:00:51.400 and they trust the fact that the employee is going to work so hard to create high value in
00:00:54.880 a marketplace, so they're paying more. They don't say the government needs to come and do what they do.
00:00:58.340 So if a lot of these countries in the top five minimum wage are higher than us,
00:01:02.920 and we're about to be number one at 15 bucks, they're socialists, and now you beat all the
00:01:07.540 countries around the world in minimum wage, and they're socialists. What does that make America?
00:01:12.060 I don't know, but you put the two together. It is what it is. So what does the minimum wage really
00:01:18.220 do, and then how does this apply to Motivation Monday? Let me get right into it. So number one,
00:01:22.480 Adam and I are sitting here talking. He says, Pat, I said, I feel so bad for these small business
00:01:29.000 owners. He says, Pat, why do you feel so bad for a small business owner? I don't feel bad for a
00:01:31.920 small business owner. He said, they know what they were doing when they got into business. That's not
00:01:36.060 like it's anyone's fault. They knew they were getting into business. So if they go out of business
00:01:39.200 because of minimum wage, that's their fault. I said, uh-huh, great point. Let me make my case on
00:01:44.120 why I disagree with you. He says, what is it? I said, see if you and I were to get into a fight,
00:01:48.940 and it's a big fight. It's a fight. We're going to do it on YouTube. Adam Sostick against Patrick
00:01:53.580 with David. Okay. Here's the rules and guidelines. It's boxing only. Unless you say, Adam, you're
00:01:58.940 a better boxer than me. You're an eight. I'm a six and a half. Okay. So you know, as long as you take
00:02:03.620 care of your body, your health, your diet, your stamina, you can last the whole, you know, 10 rounds,
00:02:07.760 12 rounds, you're going to beat me because you're a better boxer, better defender. Great. I said,
00:02:11.700 but I'm a ridiculous kickboxer. My kick is an eight. You don't even kick. You have no clue how to
00:02:16.620 kick. You're two. I said, imagine five minutes before the fight starts, they say,
00:02:21.060 new rule being added to the fight. We can officially have kicks in the fight. I said,
00:02:26.820 who wins that fight? You do. Is that fair to you? No, it's not. That's not fair to me. I said,
00:02:32.140 exactly. That's what happened to small business owners. Small business owners have to worry about
00:02:35.860 improving their company, improving their product, taking care of their employees, taking care of
00:02:39.000 their customers, making sure they have money, making sure they're working hard, making sure they're
00:02:42.420 improving, but they can't do nothing about government laws. These government laws are a
00:02:48.860 form of bullying that put small business owners out of business. So how do they put small business
00:02:53.940 owners out of business? A recent study came out just a few days ago that showed if they raise minimum
00:02:59.100 wage for 15 bucks, by the way, this study is by CBO, which is not Democrat or Republican. It's just,
00:03:04.420 they come out with the studies. Here's the report. If they raise minimum wage to 15 bucks,
00:03:07.840 1.4 million people in America lose the job. 1.4 million people in America lose their jobs.
00:03:13.720 And what does that mean if 1.4 million people lose their jobs? Here's what it means.
00:03:19.000 Walmart, say I have a market. Patrick's Market. Across the street is Walmart.
00:03:24.960 The only product I beat Walmart in is milk. I sell milk for $3.49. Walmart sells it for $3.59.
00:03:30.600 That's my way of getting 600 customers and families that come to me because we go to PBDs or Patrick's
00:03:35.820 market because his milk is 10 cents cheaper than who? Walmart. Then all of a sudden,
00:03:40.620 Dana's minimum wage is 15 bucks. Who do you think can afford to pay 15 bucks in our minimum wage and
00:03:45.060 who can't? Walmart can. I cannot. If I now have to pay 15 bucks and I have to raise my price of my
00:03:51.240 milk from $3.49 to $4.29, he can stay $3.59. How long until I go out of business? How long until my
00:03:57.500 600 customers who love me and say, Pat, I got to tell you, I love you. I love your jokes. You're funny.
00:04:01.160 You're so good to us. And I find him go to Walmart and I sit in front of Walmart and I see all my
00:04:06.720 customers going there. How do you think I feel? How can I win them over? I can't win them over. I
00:04:11.180 can't sell it for $3.49. I have to close business. You know who celebrates? Walmart. Walmart says,
00:04:16.160 bam, thank you so much for raising minimum wage. We don't even have to put these guys out of business.
00:04:21.100 You're doing it for us. You're so wonderful. All the politicians in DC. We love you, right? That's
00:04:27.520 basic math. I can go an hour telling you different analogies, numbers, data for you to see, okay,
00:04:32.960 that makes sense. Now, let's talk about the other side. You know, it was the last time I got paid
00:04:36.360 minimum wage. I was 14 or 15 or 16 years old working for Haagen-Dazs, making ridiculous banana
00:04:41.980 splits, okay? Or sorbet in a sugar cone or waffle cone or a little cup or, you know, Sundays is what I
00:04:48.720 made, right? What was the value of my PBD in a marketplace in 1994? You know what? Probably around
00:04:56.880 1993. You know, I was probably worth $3.25 an hour or $3.75 an hour. That's probably what I was
00:05:03.960 worth, okay? Then after working at Haagen-Dazs, I get a job at Bob's Big Boy, $5.15 an hour. I was
00:05:11.720 like, man, I'm making it. Then I went to Burger King and I got 40 hours because Bob's Big Boy wouldn't
00:05:16.540 give me 40 hours a week. They'd only give me 20 hours a week. And then I never even thought about
00:05:20.300 minimum wage. All I thought about is how to increase my market value. Look, there's a place for
00:05:24.680 unemployment benefits, 100%. There's a place for, you know, some of these protection in
00:05:31.240 case something happens to you. Of course, there's a place for all of that. But leaning on that
00:05:35.900 and on the government, your parents, what do you think about when a 25-year-old is still
00:05:40.400 living with his parents or 30-year-old living with parents and parents are taking care of
00:05:43.420 them financially? What do you call that person? So what do you call a 30, 35-year-old that's
00:05:47.660 relying on the government to raise the minimum wage for them? What's the difference between the
00:05:51.100 name you gave for either or? What is it? Well, no, that's different because no, there is no
00:05:56.480 difference. It just means you're not increasing your value in the marketplace. Now, remember,
00:06:00.680 I'm not talking about disabilities and I'm not talking about all that other stuff. Although
00:06:04.360 I'm also not talking about, oh, everybody has mental issues, health issues. I'm not discounting
00:06:09.060 that. I get it. I know what it is to be going through challenging times, but can we use that
00:06:13.260 on every single person? I understand a small percentage of America. I understand a small
00:06:17.100 percentage of that, but that number keeps increasing. Every time somebody's going through
00:06:20.500 a tough time saying, you don't know what I'm going through stress-wise, I'm sorry, we're all under
00:06:23.960 stress. I got three babies, one on the way, family, few businesses to run, people to support,
00:06:31.500 board to report to, my own health to take care of, my personal life, trying to please my family,
00:06:35.860 trying to take care of them. Stress is there for all of us. Everybody has some sort of stress,
00:06:42.300 some higher, some lower. But to rely on an institution, your parents, the government,
00:06:48.780 to support you and rely on you increasing your wage? I don't know. I would much rather rely on my
00:06:56.560 industry, my effort, my desire to work, to increase my value in the marketplace.
00:07:03.820 When I go to sleep at night, I say, okay, I'm getting paid what I'm worth and the market is going
00:07:09.860 to pay me $55,000 an hour. $55,000 a year, which is what? $26 an hour. Market's going to pay me $50
00:07:18.260 an hour, which is what? Six figures. Market's going to pay me $100 an hour, which is what? $200,000
00:07:23.460 a year income. Market's going to pay me $500 an hour, which is what? $1 million a year income.
00:07:28.580 More than 500,000 people filed their taxes last year that made over $1 million. The market pays if you and
00:07:34.520 I increase the market value, not if the government increases the minimum wage. So what is the right
00:07:41.200 minimum wage number? If they can make $15,000, is it $25,000? Is it $35,000? Why don't we make it $50,000?
00:07:45.740 Why don't we make $100 an hour for everybody? Where do we come up with that money? What happens to
00:07:49.980 everything in the marketplace? Do gas prices go to $4,000, $5,000, $10,000, $20,000, $30,000? Do you want
00:07:54.380 that to happen? You know what I'm saying? So all of a sudden, you're depleting your savings. So again,
00:07:58.380 focus on increasing your market value. And the next time somebody is trying to sell you on the
00:08:04.080 concept of minimum wage, have a better argument because we need more people to understand the
00:08:08.720 basics of what happens if we raise the minimum wage the way we have and we make it highest in the
00:08:15.720 world. We have the highest minimum wage in the world now. It's not something to be proud of when
00:08:20.020 we're in debt the most in the world. Those two don't go together. If you have the most debt in your
00:08:25.540 family, do you go buy a Lexus or a Porsche or a Mercedes? No, you go pay off your debt.
00:08:32.580 The numbers don't make sense. And we need more younger people and folks to start having these
00:08:39.280 types of conversations so other people say this makes sense to me. Anyways, having said that,
00:08:42.800 the video I would recommend you watching is a video I did about a year ago on minimum wage. It's very,
00:08:49.380 very detailed. If you've never seen that, click over here to watch the video. And having said that,
00:08:53.880 have a great week everybody. Take care. Bye-bye.