Skip to comments.$22 minimum wage: Could it pass Congress? (+video)
Posted on 03/19/2013 10:58:57 PM PDT by 2ndDivisionVet
Should the minimum wage be $22 an hour? Thats what Sen. Elizabeth Warren (D) of Massachusetts suggested at a recent hearing of the Senate Committee on Health, Education, Labor and Pensions.
Heres her logic: If you took the minimum wage from 1960 and indexed it for workers gains in productivity, it would be $22 an hour today. And why shouldnt employees reap the benefits of their own improved labor practices?, she asked at the hearing, rhetorically. Today, the actual minimum wage is $7.25 an hour.
What happened to the other $14.75? It sure didnt go to the worker, Senator Warren said.
Those gains went to corporate and top-executive profits, said a witness at the hearing, Arindrajit Dube, an economist from the University of Massachusetts, Amherst. Thats simply more evidence of how income inequality has grown in America, he said.......
(Excerpt) Read more at csmonitor.com ...
If Obama threatened to shut down the government if the budget didn’t contain a $22 minimum wage, Boehner would go along.
You can do 22, but I’d bet you’d have a LOT less jobs.
How much was min. wage in 1060? Around 60 cents per hour?
Actually the findings should really make folks angry because she’s saying that it takes $22 to buy what 60 cents used to buy. We’re being ripped off!
In the early 1990’s it was said by some financial experts, that if Social Security been properly handled, people would have been able to retire with an average of $11,000.00 per month. Where did THAT money go?
So the question is, who’s ripping us off worse? The gummit, or their corporations? How about BOTH!
Either way, they get to have lobster luncheons that the president turns his nose up at, and we’re lucky to have hotdogs stuffed with GMO corn with a box of GMO wheat in the mack and processed cheese. I’m sure the salt in those foods should be considered a vegetable or something :(
Wow, you can still afford hotdogs? Lucky bastard.
here's a few places it went...
Yes on both counts. Dante's lowest circle of hell is a world run be people who have never worked in the real world, but who want to run the world by the contents of their master's term papers.
So what Senator Warren is actually proving, although she doesn't understand it, is that the government has been holding down wages for 50 years.
It first must be noted that you don't have to pay someone the minimum wage, you just can't pay them lower. And certainly most people earn more than that. But if a company merely pays minimum wage, whatever it is, and the government does not adjust the labor price based upon inflation, then it is the government who is hurting the workers, not the company.
If there had been no minimum wage, what would be the effect, would wages go down, or would they go up over time as inflation continues to erode the currency?
were lucky to have hotdogs stuffed with GMO corn
Our local market’s weekly ad is listing the roast (USDA Choice Angus) at $3.49/pound.
Right below that, it lists Oscar Mayer Cheese Dogs OR Beef Franks at $3.49/16 ounce package: same price!?! /sarcasm
Prices are horrid.
We’re not indulging in either; I put our deer in the freezer, along with some wild turkeys I shot in the orchard; and we raise meat rabbits & have a small flock. There’s 18 eggs that should hatch in another couple of weeks, mainly for fryers & roasters. Big garden, some fruit trees, and friends that grow or shoot stuff we don’t...
Either that, or $10 gasoline would be a reality.
We need comments like this to remind us of the staggering economic illiterary of the Left. She has no concept of the contribution of capital to the economic process of production. Typical Dumb Lefty.
Thomas Sowell points out that the real minimum wage is $0/hour when no one will hire you.
The gain in productivity is the result of mechanization and computerization of the manufacturing process. Investments in the machines that make this possible is the expense of the company owner. Elizabeth Warren really is as stupid as she appears.
Another ignorant Dem politician listening to far left liberal economists.
The workers did nothing to improve productivity.
The business owners invested in advanced/improved technology to improve productivity. Increased profits have been plowed back into the business and/or provided a return on investment to shareholders.
Increasing the minimum wage will result in fewer jobs, but we can’t expect such ignorant people to understand that.
So the pro-inflation policies of liberals and bankers should be undone.
Right, take away the carpenter’s hammer and what is he?
Hello to the $20 Big Mac and the $30 takeout pizza
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