WATCH: Fox panel rails against minimum wage -- and pines for the days when 12 year olds had to work

The $15 minimum wage is going into effect in several cities starting today, and the panel at Fox Business' Varney & Co. today were simply horrified by it.

Speaking from Bermuda, panelist John Layfield explained that there is no minimum wage in the country and it's an economic paradise where children work for tips.

"There actually isn't a minimum wage here, right now," Layfield said. "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. And it actually works fine."

"That's how it used to be," said fellow panelist Tammy Bruce nostalgically.

Varney then marveled that people who work 40 hours a week and make $15 an hour will make a yearly salary of $30,000. Darlings, how ghastly!

Panelist Elizabeth MacDonald shared Varney's disgust that people who work 40 hours a week would not be making starvation wages anymore because these jobs are "supposed to be an entry-level job, it's not supposed to be a career."

Check out the full video, via Media Matters, below.