Bill O’Reilly, of all people, is directly encouraging Republicans to raise the minimum wage to at least $10 an hour, now that they’ve won all of Congress. It’s not the first time he’s said he supports a higher minimum wage; however, he clings so tightly to several conservative, economic myths that one would expect him to think a higher minimum wage will break everyone.
Fox News published an article from Bill O’Reilly in which he explains several things Republicans need to do now that the voters expect them to do something, preferably something that improves their lives. In it, he said:
Did you know that about 70 percent of all American workers earn less than $50,000 a year? Did you know that? I didn’t know that. That means the folks are struggling. They are living in a very insecure way. They have little savings and if they get sick it’s a disaster. Educating their children? A huge financial burden. As is saving for retirement. So priority number one is to stimulate the economy so that workers make more money.
Of course, his first two solutions to these problems — cutting corporate income tax to 20% and more repatriation holidays — are ridiculous. We have tried these and tried these and tried these, and they never work. Many corporations already pay no taxes, and the savings they would receive from such a drastic cut would simply go into their pockets and their dividends. If their demand is not up, they will not hire no matter how much they save in taxes.
As far as repatriation holidays (a period of time in which companies can bring money held overseas back to the U.S. without having to pay full tax, or even any tax), the 2004 repatriation holiday wound up costing the U.S. over $3 billion, and the companies that benefited most from that ended up cutting more than 20,000 jobs between 2004 and 2007, according to the Wall Street Journal. So repatriation holidays are as useless for job creation as tax cuts.
Given that Bill O’Reilly is such an idiot when it comes to how to stimulate the economy (and that he’s basically a Republican shill), the fact that he supports a higher minimum wage is surprising. He has his reasons, which are:
That will encourage young people to get into the market place and other folks to get off the dole; $10 an hour is not going to break anyone. And with the corporate income tax cut, the minimum wage rise will not affect profits. Also the Republican Party will be seen as helping people who don’t have much money. That’s an image changer.”
Pairing a minimum wage increase with a tax cut isn’t nearly as surprising as his support for a higher minimum wage, though, because this is Bill O’Reilly. The truth is that, even without a corporate tax cut, raising the minimum wage isn’t going to break anybody. While it’s positively loathsome to hope that anybody listens to this clown, we should hope that Republicans actually listen to him about the minimum wage. This is especially true if they want to look like they’re doing anything at all up there on Capitol Hill.
h/t The Inquisitr