Spence Doesn't Believe in the Minimum Wage

For Missourians trying to get by on $7.25 an hour, they can tell you exactly how hard it is to survive.  Trying to have a life, afford all the essentials, keep a roof over your head and food on the table for $15,000 a year is nearly impossible.  Trying to have a family?  Good luck.

But if Dave Spence and the free market had their way, there wouldn't be any minimum wage.  After giving a speech in Sedalia late last month, Spence stated that he doesn't support the federal minimum wage.  At all.

Unfortunately for Spence, Missourians overwhelmingly support the minimum wage.  In 2006, over 75% of Missouri voters agreed that we should raise the the state's minimum wage to the federal level and then tie it to the Consumer Price Index (CPI).  The problem with Spence's view in opposing the federal minimum wage, is that if the feds did away with the minimum wage, Missouri, in effect, would as well - and that would leave thousands of Missourians without any wage protection.


Spence also argues that the government shouldn't be interfering with his beloved free market, but that's just Spence being a hypocrite.  When Spence was on the board of Reliance Bancshares, the bank received $40 million in bailout funds that "saved [his bank's] bacon," and which they and Spence have yet to return to taxpayers, even after pouring $2,000,000 into his campaign for governor.


In short: government interference in ensuring that workers receive a minimum wage? BAD.  Government interference in bailing his bank out to the tune of tens of millions of dollars? GOOD. I wonder what the voters think of that?  Hopefully we'll be able to find out in November when there will likely be a proposal on the ballot that, if approved, will raise Missouri's minimum wage to $8.50 an hour.


The full exchange is transcribed below:


Man: As you know, Missourians voted that proposal a couple of years ago to automatically increase the minimum wage to keep up with inflation. Fortunately, we had very little inflation. But if inflation takes hold again, that has the potential to just drive up employer costs tremendously. As an industrialist, what’s your attitude on that?


Spence: Well I think that is a slippery slope for government to get involved in what the free market should decide. You know if somebody is sitting at homeunemployed I just don’t think that the government should get involved unless somebody is willing to (...) and I think the free market will determine if labor shortage- if labor is short, it’s going to go up, if labor- I mean you know if labors tight, it’s going to go up naturally. If it’s loose like it is right now, it’s probably not going to go up. So, try telling that to somebody who is unemployed, who's trying to feed their family. I just don’t think that’s fair. Courtesy of Fired Up Missouri.


Our addition:

Millionaire Home Economist Dave Spence is worth $265,000,000 but said in Sedalia , Missouri, he doesn't support the federal minimum wage of $7.25. Our fellow Missourians, this is the man who wants to be your next Governor! Home Economist Spence is from a different planet.

Millionaire Home Economist Dave Spence lives in this opulent palace worth
$8,000,000 but he doesn't support the federal minimum wage of $7.25. The man is heartless! It's an insult that he wants to be our next Governor. 

Millionaire Home Economist says Don't Worry Be Happy! I oppose the
federal minimum wage of $7.25 for Missourians but I am worth $265,000,000
and I live in a $8,000,000 place with a golf course. Isn't it an insult to our
intelligence that such a heartless man wants to be the next Governor of Missouri.


GOP gubernatorial candidate Dave Spence makes campaign stop in Sedalia (click the link for the original story).