Bill Clinton: “Let me just tell you what the contrary view is, what my view is. And it is true that there are economic studies that say…”

“Let me just tell you what the contrary view is, what my view is. And it is true that there are economic studies that say if you raise the minimum wage, you raise incomes for people who are at the minimum wage and a little above it, too, who get bumped up, but it costs some jobs. There are other studies that say it doesn't cost any jobs because, for example, people on welfare or out of the work force will think it's more worth their while to come in and compete for those jobs and they'll want to work more. The reason that I am for it is that I believe that--first of all, I know that a significant percentage of people on the minimum wage are women workers raising their kids on their own. And I just believe that we shouldn't allow--if we don't raise the minimum wage this year, then next year, after you adjust for inflation, it will be at a 40-year low. And my idea is that we ought to be trying to create a high-wage, high- growth economy and that is as little regulated as possible. But this is a minor amount of regulation on the bottom end. And there are other ways to deal with this market problem. I know Barbara Jordan, a former colleague of yours, headed a commission for me on immigration. She's recommended a modest decline in the immigration quota every year. And I think Senator Simpson, the Republican Senator from Wyoming, has recommended the same thing. If you did that, you might have exactly--you might still, therefore, have exactly the same demands for low-skilled people who are already in the United States and you wouldn't, therefore, be any net out even if you did raise the minimum wage. I just think it is--the people I guess I admire most in this country are the people that get up every day and work their--themselves to death for the minimum wage or just a little bit above it---- Speaker Gingrich. Note that editing, I might point out. That was very well done. [Laughter]”