Millionaire CEO: The "Mentally Retarded" Are Worth Maybe "$2"

Millionaire CEO: The "Mentally Retarded" Are Worth Maybe "$2"

Here's another story of a rich chief executive who doesn't want to raise the minimum wage, but argues it in a way that offends everyone who isn't, well, him. 

Peter Schiff, CEO of Euro Pacific Capital, told the Daily Show correspondent Samantha Bee that increasing the minimum wage would have devastating effects on the job market.

"There's a law in economics, supply and demand, that you learn in Econ 101, and if you increase the price of something, you decrease the demand," Schiff said. "The higher you make the minimum wage, the more jobs are going to be destroyed."

Schiff went on to say that government programs are what's keeping Americans in poverty and their financial status has nothing to do with low wages.

This is maybe where the investment broker should have stopped talking. When Bee asked Schiff to describe someone whose work would be worth $2, Schiff said:

"You know somebody who might be? Maybe somebody who is, uh, you know, what's the politically correct word? Uh, you know, uh, for, uh, you know, mentally retarded? ... I'm not going to say that we're all created equal ... you're worth what you're worth."

A few months ago, we also saw Schiff staging a fake protest outside of WalMart to mock employees demanding higher wages.

Watch the entire segment here:


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Vivian Giang

Vivian is the former lead entrepreneurship editor at PolicyMic. She previously worked at Business Insider and freelanced for Dan Rather Reports. Vivian has a masters in Business and Economic Reporting from New York University and a B.A. from the University of Georgia. She once lived in Denver, Colorado.

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