Senate Hearing on Minimum Wage
By lucas@endneoliberalism On 18 Mar, 2013 At 05:55 PM | Categorized As Progressive Politics, raising the minimum wage | With 0 Comments

Elizabeth Warren proved on today’s Senate hearing that both The Super Rich and consumers can afford raising the minimum wage.

The Senator first showed that if wages had kept pace with productivity since the 1960′s, the minimum wage would be $22 an hour today, and followed up by asking a group of economists and prominent business leaders:

So my question with the current minimum wage at $7.25 is what happened with the other $14.75?

Dr. Dube added greater emphasis to the discrepancy between productivity increase and the income gap between Super Rich and the super poor:

Had incomes increased at the same pace as the income of the One Percent, the minimum wage would be $33 an hour today.

The Senator then proved that raising the minimum wage would only force restaurants like McDonald’s to raise prices by eight cents.

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