This is great.
Without the minimum wage, in South Africa, whites would only work for, say, $5 an hour while blacks would work for $1 an hour. Even if the employer is a racist, it would actually cost him to be a racist: it would cost him $4 an hour PER employee. But with a minimum wage law, it doesn’t cost him to be a racist, so he’ll just hire all white workers. This is fantastic stuff.
Ronald Walters is a fear-mongering race-baiter.
Thank God for Williams talking about black racism.
Good God. Listen to Walters saying that black racism is different than white racism. Wow. RACE-BAITER.
The race-baiter said that black slaves had it WORSE than JEWS being put into ovens. HE SAID BLACK SLAVES HAD IT WORSE THAN JEWS BEING PUT INTO OVENS. Enough said.
Pay attention to what he says about there being more people in the top 20% than there are in the bottom 20%. He says there are 28% more people in the top 20% than the bottom 20%. That’s fascinating. It’s no wonder that the top 20% make so much more money than the bottom 20%: there’s just more people there, and they are much more productive to society!
Also, pay attention to his explanation of income mobility. That is one of the most fundamental occurrences of economics that I have learned about, and it is extremely consistent. “We are talking about an exchanging mixture of people over time, and not the same people,” in reference to the bottom 20%, as well as the top 20% of incomes. “Many of the people in the bottom of the 20% are the children of the people in the top 20%.” Absolutely fascinating. I don’t know if that was hyperbole or not, but it is still something to think about.