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Fox News Invites Financial Analyst to Trash Minimum Wage Increase

Fox News deceptively attacks the minimum wage.

Lee Fang

December 5, 2013

Fox Business, an affiliate of Fox News, has responded to the rise of worker protests across the country by inviting on a finance industry trader to trash them.

The network aired several segments this week designed to criticize efforts to raise the minimum wage. In one, guest Jonathan Hoenig made a range of strange and misinformed comments, including a declaration that “every prominent economist over many, many decades has agreed [that] the minimum wage is discrimination.”

In reality, more than 100 economists have called for raising the minimum wage to benefit workers. Nobel laureate Joseph Stiglitz signed onto a letter last year arguing that “a minimum wage increase would provide a much-needed boost to the earnings of low-wage workers.”

Hoenig then argued, “Only about 4 percent of people making the minimum wage are actually supporting a family full-time.” The Economic Policy Institute notes that over a quarter of those who would be affected by increasing the minimum wage are parents, and a third are married. Also, one in every five children in the United States has a parent who would benefit from a federal minimum wage increase.

Finally, Hoenig said his opposition to increasing the minimum wage stems from his belief that doing so would prevent workers from becoming the CEO of McDonald’s and other fast-food chains. One has to wonder if Hoenig, a financial investment advisor based in Chicago, has ever bothered to meet with the McDonald’s workers in his city who are gainfully employed, yet, homeless.

Gabriel Thompson goes on NPR to discuss how Walmart is exploiting its warehouse workers.

Lee FangTwitterLee Fang is a reporting fellow with The Investigative Fund at The Nation Institute. He covers money in politics, conservative movements and lobbying. Lee’s work has resulted in multiple calls for hearings in Congress and the Federal Election Commission. He is author of The Machine: A Field Guide to the Resurgent Right, a recently published book on how the right-wing political infrastructure was rebuilt after President Obama's 2008 election. More on the book can be found at www.themachinebook.com.


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