Peter Schiff And Barry Ritholtz Battled Over The Minimum Wage On Last Night's Daily Show

When last we saw libertarian investor Peter Schiff, he was staging a fake protestoutside of WalMart in an effort to mock workers demanding higher wages.

Schiff was back at it again on last night’s Daily Show.

In a segment on the minimum wage, Schiff told correspondent Samantha Bee that “people don’t go hungry in a capitalist economy.”

“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.”

Bee also interviewed another familiar face, investor and blogger Barry Ritholtz, who took the other side of the argument.

“There are a number of studies that have come out that show increasing the minimum wage actually improves the economy,” Ritholtz said. “If we raise people up to just $US11 so they are at the poverty level, they’ll go out and spend that money on food and medicine.”

Toward the end of the segment, Bee asks Schiff who should earn $US2 an hour if the minimum wage isn’t a good idea. “What’s the politically correct word for mentally retarded?” Schiff says, before fumbling a bit.

Watch the segment:

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