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  • Warren wants Minimum Wage at $22

    http://www.huffingtonpost.com/2013/03/18/elizabeth-warren-minimum-wage_n_2900984.html?utm_hp_ref=mostpopular

     

    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.

    Originally Posted by Noam Chomsky


    Whenever you hear anything said very confidently, the first thing that should come to mind is, wait a minute is that true?

  • #2
    Well she didn't say the MW should be that much but the point was made.

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    • radomu
      radomu commented
      Editing a comment

      buckethead99 wrote:
      Well she didn't say the MW should be that much but the point was made.

      Yes, she's merely trying to gather attention to the fact that if real wages rose along with productivity beyond the stagnation of material wealth of ordinary citizens after the fall of the post-war era and the rise of neoliberalism, then $22 would be the minimum wage. Everyone would agree that it is politically impossible, and because of the lack of dissemination of this very fact most people would probably dismiss it as a cry of radical socialism.

      But this is a very important truth, that real wages have been going down.


  • #3

    spiral 2spiral 1

     

     

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    • #4
      Quoting joseph stiglitz is not real rebuttal. Try again.
      Originally Posted by Noam Chomsky


      Whenever you hear anything said very confidently, the first thing that should come to mind is, wait a minute is that true?

      Comment













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