Schiff vs. Ritholtz: Political Correctness vs. Law of Supply and Demand

Courtesy of Mish.

PolicyMic says There’s a Good Reason Why Everyone’s Cricizing Peter Schiff.

Jon Stewart’s Daily Show mocked Schiff in an amusing video interview Wage Against the Machine. The video allegedly explores “the devastating economic effects of raising the minimum wage to the poverty level.

Schiff’s opponent in the interview was Barry Ritholtz at the Big Picture blog. Before the show aired, Barry explained How I Ended Up On The Daily Show.

The feedback against Schiff was enormous. Ritholtz has the details in Follow Up: Daily Show Blowback.

Political Correctness Points

I am no fan of Schiff. We have radically different views on the inflation-deflation debate. And I do find the way he stated his case to be very distasteful.

That said, it’s clear the Daily Show was out to score political points, not explore economic reality.

Given that Schiff was purposely displayed in the worst light possible and Ritholtz the best light possible (Ritholtz admits retake after retake) it is not shocking in the least to see all this blowback.

Merits of the Debate

Political correctness or not, I want a sound discussion of economic principles.

There are no reputable studies that show increasing minimum wages increase employment.

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