Peter Schiff had a great idea. Go into a Walmart parking lot and try to persuade shoppers to accept a 15% increase on their bills. Why? In order to pay Walmart employees $15 an hour.
He tells them that he represents an organization called “15 for 15.” Very creative name! Then he presents his plan.
There were no takers.
His point: Walmart shoppers are there to pay low prices, not pay high wages. Amazing concept!
This is the problem with all trade unions that use government coercion to force companies to pay above-market wages. They bring in the government to keep other potential employees from being allowed to work for less than the union has specified. They get the government to make it illegal for a business to pay less than what the union wants its members to receive.
Customers don’t want to pay high wages. They want to pay low prices. It’s not just Walmart’s customers. It’s all customers.
The next time you hear about a union demonstrating for wages higher than non-union workers are willing to work for, remember this video.