Interesting guest. I don't think he realized that the creation of the minimum wage is creating this 'fear' of the race to the bottom he mentioned. Without the minimum wage American wages would have remained in equilibrium (and competitive) with other nations and there wouldn't have been the inflated economy that would need to deflate to the norm. Again, they messed with the free market and are afraid of the results of what they created.

Excellent catch on the social contract nonsense.