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Old 03-18-2013, 11:17 PM   #1
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Default $22 minimum wage

Note the part in bold, interesting to see them acknowledge the fact that raising minimum wage WILL actually be damaging small business, they are just now disputing just HOW severe the damage it will be.

http://www.huffingtonpost.com/2013/0...n_2900984.html

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Elizabeth Warren: Minimum Wage Would Be $22 An Hour If It Had Kept Up With Productivity

Sen. Elizabeth Warren (D-Mass.) made a case for increasing the minimum wage last week during a Senate Committee on Health, Education, Labor and Pensions hearing, in which she cited a study that suggested the federal minimum wage would have stood at nearly $22 an hour today if it had kept up with increased rates in worker productivity.

"If we started in 1960 and we said that as productivity goes up, that is as workers are producing more, then the minimum wage is going to go up the same. And if that were the case then the minimum wage today would be about $22 an hour," she said, speaking to Dr. Arindrajit Dube, a University of Massachusetts Amherst professor who has studied the economic impacts of minimum wage. "So my question is Mr. Dube, with a minimum wage of $7.25 an hour, what happened to the other $14.75? It sure didn't go to the worker."

Dube went on to note that if minimum wage incomes had grown over that period at the same pace as it had for the top 1 percent of income earners, the minimum wage would actually be closer to $33 an hour than the current $7.25.

It didn't appear that Warren was actually trying to make the case for a $22 an hour minimum wage, but rather highlighting the results of a recent study that showed flat minimum wage growth over the past 40-plus years coinciding with surging inequality across a number of economic indicators.

Warren went on to argue that raising the federal minimum wage to over $10 an hour in incremental steps over the next two years -- a cause championed by President Barack Obama in his State of the Union address and since taken up in the Senate -- would not be as damaging for businesses as some critics have argued.
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Old 03-19-2013, 04:28 AM   #2
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How in the fuck..... high school kids don't need to be making $22 an hour.

Hell 7 years ago I got hired on fresh out of college for that.
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Old 03-19-2013, 04:47 AM   #3
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Proof that democrats have never owned real businesses and have no understanding of real economics
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Old 03-19-2013, 05:00 AM   #4
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Proof that democrats have never owned real businesses and have no understanding of real economics
The same democrats that say businesses wouldn't take the cheap way out when it came to Obamacare and their employees. Now we see the work hours being cut each week to move people into part time positions from full time.
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Old 03-19-2013, 05:23 AM   #5
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And "full time" is now 28 hours a week...
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Old 03-19-2013, 06:07 AM   #6
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$22 minimum wage will be the days of the $3 basic cheese burger ($.79 today at McD's) and you won't be able to eat lunch at a fast food joint for less then $25-30.
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Old 03-19-2013, 06:59 AM   #7
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I have a feeling that individual workers are not 3x more productive than they were in the 60's.
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Old 03-19-2013, 07:19 AM   #8
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It's all of the automation and machinery...this had nothing to do with lazy ass workers.
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Old 03-19-2013, 07:28 AM   #9
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Quote:
"So my question is Mr. Dube, with a minimum wage of $7.25 an hour, what happened to the other $14.75? It sure didn't go to the worker."
Uh, it went to the automation that made the productivity go up. Is this really that hard to figure out?
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Old 03-19-2013, 09:28 AM   #10
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Efficiencies for every facet of business have increased EXCEPT the output of minimum wage workers.
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Old 03-19-2013, 10:09 AM   #11
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Wages have by and large kept pace with inflation since 1972, according to my Econ professor. What thy haven't kept pace with, and what the Democrats seem more preoccupied with, is profits. This is Elizabeth Warren trying to limit executive level salaries. Long story short, she's talking out of her neck again.
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Old 03-19-2013, 10:23 AM   #12
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Wages have by and large kept pace with inflation since 1972, according to my Econ professor.
(($7.25/$1.25)^.02) -1 = 3.58% ... Yep, they've kept pace.
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I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

You and slow99 should date. You both have passive aggressiveness down pat.
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Old 03-19-2013, 10:40 AM   #13
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(($7.25/$1.25)^.02) -1 = 3.58% ... Yep, they've kept pace.
I'm not talking about minimum wage, BTW, but I'll defer to you on the matter.
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Old 03-19-2013, 10:45 AM   #14
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I'm not talking about minimum wage, BTW, but I'll defer to you on the matter.
Answer is yes to non- minimum wage.
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I want to like Slow99 since people I know say he's a good guy, but just about everything he posts is condescending and passive aggressive.

Most people I talk to have nothing but good things to say about you, but you sure come across as a condescending prick. Do you have an inferiority complex you've attempted to overcome through overachievement? Or were you fondled as a child?

You and slow99 should date. You both have passive aggressiveness down pat.
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Old 03-19-2013, 11:29 AM   #15
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Answer is yes to non- minimum wage.
Many thanks.
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Old 03-19-2013, 07:51 PM   #16
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Minimum wage was never meant to be a "Living Wage" in the past ...

But in today's PC world it HAS become a benchmark for the liberals to try and target ....... this would give the UNIONs a new "target" to base their demands from ..........


Damn that Obama is smart ..... or his handlers .......

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Old 03-19-2013, 08:10 PM   #17
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What do you expect from her? More crybaby antics about the world not being fair.
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Old 03-19-2013, 09:34 PM   #18
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What do you expect from her? More crybaby antics about the world not being fair.
they are just looking for ways to look like they are fighting for the "common man" to get their vote....and possibly increase tax revenues. Pretty soon, you will have to add 3 zeros to every US Bill denomination to deal with the inflation. Cash and 1's and 0's on a computer won't be worth shit. Time to have physical assets in the coming years.....like bullets, guns, real estate and gold!!! Whoop!
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Old 03-19-2013, 10:26 PM   #19
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Originally Posted by kbscobravert View Post
$22 minimum wage will be the days of the $3 basic cheese burger ($.79 today at McD's) and you won't be able to eat lunch at a fast food joint for less then $25-30.
Remember back to the future II?

Marty pays for a pepsi with a $100. not far off in two years for november 2015...
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