Unfortunately, the left loves trashing what should’ve been welcome news for Americans of all political stripes such as Friday’s report that the economy 850,000 jobs in June. In a classic display of coastal elitism, leftist MSNBC host Stephanie Ruhle decided to thumb her nose at business owners who don’t pay their employees what Ruhle deems to be enough.
During a segment on MSNBC’s Ayman Mohyeldin Reports, Ruhle was invited to discuss the June job numbers. But it began with Mohyeldin playing a clip of President Biden speculating how the economy in the post-COVID era moved from workers competing with each other for jobs, to employers competing with each other to attract workers.
In response Ruhle showed her economic illiteracy while doing her best Karl Marx impression:
Listen, the president isn't wrong. For years and years, workers have not had any power. Employers had all the power. Now that's switching. And while we do hear from lots of businesses that say, I can't afford to pay my workers more. Let's be honest, Ayman, if your business model is such that you cannot pay your employees a living wage, then news flash, it is not a valued, functioning business model and it's time to change that.
And especially as you look at Fortune 500 companies, big businesses. They've had an extraordinary year. Look at the stock market. The gains shouldn't only be gotten by executives and shareholders. It's time to actually give back to workers. Trickle-down economics doesn't work, but we're in a scenario right now where if you lift the bottom, it could potentially mean everyone rises.
For someone who allegedly went to business school, you would think she would know basic economics. Here’s a quick economics lesson. Businesses cannot pay workers more than they are worth. McDonald’s can’t afford to pay their cashiers $15 an hour because that is more than the market value for that type of work is worth. Not including how many fast-food restaurants are independently owned and operated.
It is basic supply and demand. There’s an endless supply of people who can mop floors or take a customer’s order. On the other hand, there are much fewer people who can do brain surgery, for example. That’s one of the reasons for the pay disparities between various professions.
McDonald’s would also have to drastically increase their food prices if they raised their wages to a so-called “living wage”. Not to mention flipping burgers at McDonald’s is not meant to be a long-term career.
Logic and economics aside, it is an elitist thing to say about business owners and entrepreneurs who have spent their blood, sweat, and tears to start and build their businesses and keep them profitable, while leftists like Ruhle sit in their air-conditioned television studios in New York City (with Ruhle reporting on this day from Beach Haven, NJ) shooting spitballs at hard-working men and women in the heartland.
This segment of an elitist cable news host lecturing business owners was endorsed by Dell and Allstate. Ask them why they are bankrolling MSNBC by visiting our Conservatives Fight Back Page here
To read the relevant transcript click "expand":
MSNBC's Ayman Mohyeldin Reports
07/02/2021
3:19 PMAYMAN MOHYELDIN: All right, you are watching President Biden there at the White House celebrating the naturalization of new American citizens to this country, including six service members. Some powerful words there from the President saying that America is born out of an idea and thanking those who made the choice to come to this country enriching it. I do want to go back to our panel that has been patiently waiting for us and bring back in Stephanie Ruhle. Stephanie, you did hear the President there talk a little bit about the road to economic recovery, build back better, his phrase, obviously, from the campaign trail, talking about the importance of immigration. But I do want to play for you something he said earlier today when he was talking about one of the key impacts the pandemic has had on the economy. Take a listen to this.
[Cuts to video]
JOE BIDEN: Instead of workers competing with each other for jobs that are scarce, employers are competing with each other to attract workers. That kind of competition in the market doesn't just give workers more ability to earn higher wages, it also gives them the power to demand to be treated with dignity and respect in the workplace. More jobs, better wages. That's a good combination.
[Cuts back to live]
MOHYELDIN: So the President, Stephanie, called this flipping the script. What does this dynamic mean for the economy in the long term?
STEPHANIE RUHLE: Listen, the President isn't wrong. For years and years workers have not had any power. Employers had all the power. Now that's switching. And while we do hear from lots of businesses that say, I can't afford to pay my workers more. Let's be honest, Ayman, if your business model is such that you cannot pay your employees a living wage, then news flash, it is not a valued, functioning business model and it's time to change that. And especially as you look at Fortune 500 companies, big businesses. They've had an extraordinary year. Look at the stock market. The gains shouldn't only be gotten by executives and shareholders.
It's time to actually give back to workers. Trickle-down economics doesn't work, but we're in a scenario right now where if you lift the bottom, it could potentially mean everyone rises. Now, are there inflation concerns? Without a doubt. Things are getting more and more expensive. We know the Fed is concerned about it, the Treasury Department is concerned about it. They do have more levers to curve this and they're not going to do anything major just yet because it is transitory. We just got back to everything being reopened.
Imagine it's like every business is trying to hire at the exact same time. So, give it a few months. Wait until things reopen before you get completely panicked that inflation is taking everything over. For the time being, we're on a very good path. More money for workers. That's good news.
MOHYELDIN: Yeah, certainly is.
