DISCLAIMER: THE FOLLOWING "Cost of Freedom Recap" CONTAINS STRONG OPINIONS WHICH ARE NOT A REFLECTION OF THE OPINIONS OF FOX NEWS AND SHOULD NOT BE RELIED UPON AS INVESTMENT ADVICE WHEN MAKING PERSONAL INVESTMENT DECISIONS. IT IS FOX NEWS' POLICY THAT CONTRIBUTORS DISCLOSE POSITIONS THEY HOLD IN STOCKS THEY DISCUSS, THOUGH POSITIONS MAY CHANGE. READERS OF "Cost of Freedom Recap" MUST TAKE RESPONSIBILITY FOR THEIR OWN INVESTMENT DECISIONS.
FAST FOOD WORKERS STAGE NATIONWIDE PROTESTS TO DEMAND $15 MINIMUM WAGE
GARY B SMITH: There is always the assumption here that if we just raise the minimum wage at some level we will be able to stick it to the man and the evil corporations. What are companies going to do- they are going to look to achieve lower costs by replacing workers with technology or raise prices- and we are seeing both. Tablets are replacing servers and Heritage Foundation is already estimating that fast food prices are going to go up 38 percent. This kind of wage increase goes through watch out you are going to see more people on the unemployment line.
JONAS FERRIS: There is a myth that they will shift the profits to the working people with a higher minimum wage. Most importantly it's going to shift the cost to the consumer. If we go this direction, you are going to have higher prices.
JESSICA EHRLICH: Everyone talks a lot about people working to get out of poverty. Experts say its 11$ an hour to make sure a family of 4 is just in the poverty line. There is no way for these people to get out of poverty. The wage needs to be increased and the economy will continue to grow.
TRACY BYRNES: Isn't this back to the give a man a fish vs teaching him how to fish. If we keep handing everything to these people they are never going to get out of poverty. Raising the minimum wage is not going to help their socioeconomic status. Any raise that a minimum wage worker gets is only going right back because the products he buys also are going up in price.
JOHN LAYFIELD: You aren't fighting poverty with the minimum wage increase. This is all about politics, if you have jobs that are plentiful than you don't have to worry about the wage.
NEW FEARS AMERICA'S SOARING DEBT IS PUTTING NATIONAL SECURITY AT RISK
JOHN LAYFIELD: If interest rates go up- which we have been warning about- we are in big trouble because we won't have the money to fund our military. This is hurting our national interest.
JONAS FERRIS: This is a long term problem. Social security and Medicaid will take the hit. The defense budget is not going to be the problem.
TRACY BYRNES: We are not going to be able to defend our national interests. If interest rates go up- watch how that eats into the defense budget-and that will be the first thing to go in Washington.
JESSICA EHRLICH: No one is talking about this because Midterm elections are coming up.
GARY B: There are two issues here: what countries own the debt, and will we be able to pay for the defense budget.
CONGRESS RETURNS TO DC MONDAY, MAY CUT SEPT SESSION SHORT AFTER 5-WEEK RECESS
TRACY BYRNES: The market is falling apart, and we have to talk about some bat. Congress is ridiculous- they should have never been on vacation.
JOHN LAYFIELD: Why don't they come back and put an immigration bill- a tax bill- something out there. Nothing is getting done! No one is putting anything forward except getting reelected.
JESSIC EHRLICH: The nature of Congress only runs as well as the people we elect to represent us in it. People need to go to the polls and vote people in there who want to work.
GARY B: The politicians know how to work incumbency to their advantage and get reelected.
JONAS FERRIS: They are in the vote business, there is a reason they do this.
JONAS FERRIS: (GSK)
GARY B SMITH: (AAPL) It's worth lining up for!
JOHN LAYFIELD: (CSIQ)