A financial services CEO worth $70 million told the Daily Show on Tuesday that he opposes the minimum wage because workers are simply ‘worth what they’re worth.’
‘I’m not going to say that we’re all created equal,’ Peter Schiff, CEO of Euro Pacific Capital and outspoken libertarian, told correspondent Samantha Bee.
Schiff said some people are only worth $2 per hour, specifically the ‘mentally retarded.’
‘If we eliminated the minimum wage law then individuals would be free to accept jobs at whatever pay they’re able to get,’ said the millionaire Beverly Hills High School alum.
Schiff has made his outrage over minimum wage laws know before.
Last month, he posted a video online in which he protested Wal-Mart workers who were demonstrating outside a store as part of a campaign that would raise the retail giant’s–and largest employer in America’s–hourly wage.
‘Would you contribute 15 percent of the price of that TV for the Wal-Mart workers?’ he shouted at a man carrying a TV out of the store. ‘They are counting on you to pay higher prices!’
The workers were part of a group fighting to get full-time Wal-Mart workers paid just $25,000 per year.
The U.C. Berkeley grad, who’s father Irwin Schiff is serving a 13 year prison term for tax evasion, made it clear on Tuesday’s Daily Show that he believes that workers are too often painted as hapless underdogs.
‘They don’t seem desperate and hungry to me,’ he said of fast food workers after admitting he never really eats at such chains.
‘It’s socialism that creates scarcity, that creates famine,’ Schiff said. ‘In a free market, there’s plenty of food for everybody, especially the poor.’