Schiff: Want Jobs? Repeal Minimum Wage Now

The fastest way to create a lot of jobs is to eliminate minimum wage laws and employment regulations and let the market decide what to pay and when to hire and fire, says Peter Schiff, CEO of Euro Pacific Capital.

“Just as employees are allowed to leave jobs for whatever reason, employers should be allowed to hire and fire based on any criteria without fear of litigation,” Schiff writes in Reason magazine.

“In other words, liability cost for hiring employees should be minimized. Employees become easier to hire once employers know that their downside risks are minimized. In addition, all protective labor laws, including minimum wage laws, should be repealed.”
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Schiff argues that employment is a “voluntary relationship” in which law should have a limited role.

Peter Schiff (Getty Images photo)

“Employees do not qualify for special privileges (inappropriately labeled worker’s rights) simply because they accept a job, and employers do not lose their rights and become subjected to special obligations just because they hire.” Schiff writes. “The playing field should be level.”

Underemployment — people who have jobs but not full-time work — is turning into a chronic problem for the U.S. economy. New government statistics say that 9.3 million Americans are underemployed, less than the peak of 9.5 million September 2010 but much more than just in July, when the number was 8 million, according to U.S. News and World Report.

If you add up the unemployed, underemployed, and a few other in-between categories, you end up with 26 million not producing to their capacity.

Unsurprisingly, that means they have less to spend. Information from Sentier Research in Annapolis, Md., based on Census Data shows disposable income is now lower than it was three years ago, by $1,315 on average. Inflation-adjusted median income is down 9.8 percent, reports the Christian Science Monitor.