STUART VARNEY (HOST): How about this one? It is July the 1st, minimum wage increases go into effect today in 15 cities spread across five states. I think this is the march towards $15 an hour. Want to go around the block here with everyone. First to you, Tammy. What do you think about this march to $15 -- legislated wages?
TAMMY BRUCE: It's a march towards robotics, is what it is. You're going to have kiosks that are going to be able to sell things to people. This we've learned from Seattle, and some other cities that have already implemented it, that jobs are lost. That this, it's -- the burden is put on the back of other struggling people. You will fire individuals in order to maintain that the salary requirement of the others that you have there. And others, of course, are putting -- fast-food places are putting in robotics, and kiosks, so you can order your own food. This is what's going to happen.
VARNEY: Of course, they technology it out. John Layfield, do they have -- the minimum wage in Bermuda must be about $3,000 an hour, isn't it? A very expensive place.
JOHN LAYFIELD: There actually isn't a minimum wage here, right now. You see some of these young kids -- I run a program for at-risk kids -- down, sacking groceries, about age 12, and they work off tips. So there isn't actually a minimum wage here.
BRUCE: That's how it used to be.
LAYFIELD: And it actually works fine. The problem I have with this $15 minimum wage is why 15, because it looks good on a bumper sticker? You're not talking about fixing anything. Tie it to inflation, or a basket of wages, so you take it out of politics and union hands. That's all it is.
VARNEY: $15 an hour, for a forty hour week, is $30,000 a year. I mean, what --
ELIZABETH MACDONALD: It's supposed to be an entry-level job, it's not supposed to be a career. And, by the way, AWOL in this debate -- when you have things in the [Obama] administration like raising overtime pay depending on the skill set, and minimum wages, watch out college tuition goes up.
VARNEY: That's right, because of all those people who work minimum wage in the colleges. You've got that right.
