6 votes

Elizabeth Warren:"...minimum wage today would be about $22 an hour" (VIDEO)

"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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Uninformed idiots are

Uninformed idiots are destroying this country from the inside out. Demand $50/hr. minimum wage and help push the pickle barrel over the waterfall.

Why don't we legalize hemp

Why don't we legalize hemp production in this country and create real manufacturing jobs so the US can export things again and create wealth. That way we have REAL $22.00 hr jobs instead of being locked into a shithole "Service" economy and using the gov. to force businesses to pay higher wages which does not take care of the root of the problem.

Unless this is all a ruse to get more people on welfare...
(It is)

We all share this eternally evolving present moment- The past and future only exist as inconsequential mental fabrications.

If only

We can convince Marxists to want to raise the value of a dollar. Unfortunately, the way they are wired, they'll propose legislation to do so.

Elizabeth Warren has mastered the concerned, sincere speaking

Style of the neo progressive, with an almost religious tone. In reality when the minimum wage is increased the results are is that it makes it illegal for the less advantaged to even enter the job market. Its been said that raising the minimum wage is like cutting off the bottom rungs of the job ladder, who speaks for the millions who will never have a chance at that first job or who will be legislated out of the employment market?

If she was honest and was concerned for the less advantaged she would be calling for an end to the minimum wage. Remember the first minimum wage law was enacted to prevent poor unskilled black men for entering the construction trade.

Warren doesn't get supply and demand.

Wage rates are determined primarily by demand for workers. Sen. Warren fails to grasp that. As long as trade policies exist which encourage companies to export US jobs and allow US companies to hire foreigners who will work for less than US citizens in the US, there will be a surplus of workers. Only when labor supplies are tight can workers DEMAND rather than beg for higher wages.

Raising minimum wages without addressing the supply and demand of labor will result in higher unemployment. Higher unemployment will further reduce the demand for US labor.

What happened to the other $14.75?

The other $14.75 went to real price decreases. Virtually everything we buy today is cheaper, in real terms, than it was in 1960. Exception: taxes from all sources are far higher.

However, the Austrian economists have pointed out that wages tend to lag behind prices during inflationary times. Heck, even Keynes knew this, as one of his primary goals in generating inflation was to reduce real wages without the worker noticing, in the name of generating 'full employment.'

Stop the inflation and you'll make low wages worth more. During deflationary times, prices tend to drop faster than wages, making the worker's wages (even though nominally reduced) worth more.

I hate to sound cliche

But there is a constant reason those on the left cannot understand prices. They do not see how they are the vitals of the economy and merely moving the line isn't just that easy. They are more then willing to lay off all of the voter base for 1 vote. LOL (free college anyone.... harr harr)

They just cannot accept that someone wasted their life and has no marketable skills.

I have worked at many fast food joints where half the employees make 0$ for the company and most of the time would end up stealing any profit anyways in terms of food. If 40-50% of minimum wage workers aren't worth 7.25 they sure as fuck are not worth a dime more.

I guess the best arguement for this is for those of us with a degree and good english speaking skills. we could get an easy job with tons of pay while replacing scum of the earth.

I agree with her, inflation

I agree with her, inflation hurts the people at the bottom on fixed incomes the most. I think we should double the minimum wage to $22, not for her reasons, but to finally draw the veil back on how bad the finances in this country have been mismanaged. Also because if we went from $10 to $22 an hour, Gold price in USD would double overnight.

Southern Agrarian

You say inflation hurts those at the bottom.

And then talk about how more than DOUBLING income (inflation) is a good idea. Ok... Not exactly Miltons 2% but still 75% and with one vote non the less. I can just imagine asset prices for the first week and a half before 1/4 of the minimum wage labor force is immediately laid off. In the second week you wont be able to get minimum wage 22$ with anything less than a PH.D. Wonderful.

Wait, you did add salt to my fries becuase you're an underemployed dietician -- Fuuuuuu!!!!

This doesn't even touch on the fact of how this is so incredibly anti-business, an almost communistic in it's inception and functional utility.

Did you read past the 2nd

Did you read past the 2nd line on my comment?

Southern Agrarian


And what makes it indifferent or right in contrast to what I have said? Or were you being sarcastic?

...not for her reasons, but

...not for her reasons, but to finally draw the veil back on how bad the finances in this country have been mismanaged

Southern Agrarian

We're almost 120 trillion in debt.

Why not show people that. Instead of destroying the livelyhoods of millions to make a point. And people wonder why libertarians seem so harsh.

Your command and control economy is a bad idea

Central planning fails.

SteveMT's picture

Why not print $1M for everybody?

Ooops, they only do that for themselves with debt created especially for us.

Why stop at 10 dollars?

I mean if 10 dollars is good according to Warren why not make it 20 dollars?

We need a mimimum standard

to keep pseudo-intellectuals like Ms. Warren who have never ran a business in their life from suggesting hair-brained ideas to improved the economy and wages.

Minimum wage is nothing but a retro-tax anyway, forcing employers to pay more so more may be taken out of employees paychecks to enrich the government.

BTW, Ms. Warren, hows your tenuous claim of having native American Indian ancestry holding up? About as good as your logic on wages? Thought so. Both are illegitimate.

Conscience does not exist if not exercised

"No matter how cynical you get, it's impossible to keep up!
---Lily Tomlin

The solution isn't a minimum

The solution isn't a minimum wage - it's removing the regulations that stifle competition. If you don't have competition then employers can take advantage of the workers.

Raising a "minimum wage" will just price out certain types of labor.

How about talking about real solutions: getting rid of these ridiculous government regulations. Free the market... and let the productivity boom that results deal with poverty instead of trying to solve it with force.

I voted you up because of your first statement

but I have a problem with your other paragraphs. There are very real reasons (not ethically right, just real) to raise the minimum wage. Because we currently do have an over regulated environment, this is the one way we can fight back those companies who do take over entire markets and keep wages too low. I'm not supportive of this but I do see it's purpose.

Regarding your suggestions to eliminate regulations, that's about a likely as ending the fed. It's always a year away and TPTB will never let it happen. So until we get control back over those things, should we really force the less skilled in our country to work 2 or 3 jobs just to pay for a crappy apartment and some groceries?

People too often want to bitch about the compromises that are made because of so many other problems but they don't want to get really active or creative in ending the root problems first. If we had actually focused on ending the fed, the minimum wage (resulting from labor competition) would have been even higher than Warren's estimated $22/hr. Who would care if the regulated minimum was raised to $10 then? I doubt many.

You are just a a different kind of facist

1) If you use the power of the govt (regulation, jail and guns) to coerce behavior you are a fascist.

2) If you give the govt power to fix what it has broken, that power remains for the next person who "fixes" what you have "broken".

3) Government is the problem. If you tweak the problem, you are part of the problem.

4) If you think raising the minimum wage will not hurt many at the expense of others you do not understand cause and effect or basic goods. There can be no change without impact.

5) $(t) is just an arbitrary number - it no longer has any fixed or traceable relation to $(t-1). Lies about economic growth, inflation, price levels are the tools that Warren and others in washington manipulate to manipulate you.

There is only one way to improve peoples lives - give them control and let them be responsible. Abolish washington.

Thanks for the upvote, but

Thanks for the upvote, but I'm not going to compromise on my principles. Trying to "fix" one evil with another is not a solution in my mind. We need to pressure politicians to repeal many, if not all, of the regulations that stifle business creation and reduce competition.

Wage fixing, which is what a minimum wage is, forces prices into the market that are not justified. This will skew supply/demand (as all government intervention does), and what you'll have is LESS employment.

Raising a minimum wage may sound good, but in the process you're eliminating the ability of low-skilled people to work, which will make them dejected and more dependent on the welfare state. Instead of focusing on these terrible "solutions" to the problem of poverty levels, we should be focusing on the right solutions. Elimination of regulation. Elimination of the Fed. Let the unhampered market bring back abundant, low cost goods for everyone, raising everyone's standard of living. Let those who can work voluntarily agree with employers for a price both deem fair (which can only happen with competitive entrepreneurship).

If we make enough noise, the politicians will listen. They like their jobs. The alternative is to lobby to propagate a broken system... which I refuse to do.

You almost had me convinced

until I got to, "If we make enough noise, the politicians will listen."

No. That's totally wrong. How long has RP been fighting the fed? How many millions of lives has the fed ruined in that time? Are you saying that they need to suck it up and live a crappy life because we're not going to allow half solutions or misguided detour solutions help them out? Is it really their fault they were born into a system that no generation since 1913 has been able to fix? If the broken system doesn't get fixed for another 4 generations, should certain people be forced into wage scales that starve them?

I know many people that work 2 minimum wage jobs and some of them are single mothers of 2-4 kids. Are you saying those kids should suffer their entire childhood because of a principle that may or may not get upheld? It's a very tough problem but it does affect real people's lives right now.

I understand (and agree) it corrupts the market mechanism for prices but if the market worked, the minimum wage would be much, much higher than what they're proposing so it's not like it's a change the ruins the free market's chances once we get one. It's a change that will become insignificant. There's the distinction that I'm making.

I'm also not 100% convinced that it will kill off all that many jobs. We've done the 'raising minimum' thing how many times now and the jobs are still there. Instead of killing them all off, it usually ends up boosting inflation which ultimately created more jobs. That's a more fair burden on the people because it hits everyone and even fosters more awareness to the problems you cite, making your fight easier.

I just wish we could get the message out there that half or more of all corporations' revenue go straight to the biggest banks. Another way to see it is that without fiat inflation, prices would be half and wages triple. Maybe then people would start to ask whether we need them or not and you and I wouldn't be having this conversation.

I guess

It would all be relative since prices would all rise accordingly. In the short term it would be ok. Imagine what this would do for house prices? lol How legal it is, is another story.


A stupid mind...

to match that stupid haircut.

Check out the Laissez-Faire Journal at LFJournal.com

"The State is a gang of thieves writ large." - Murray Rothbard

Yea kinda like Rands

Jobs program for illegal aliens.

Since 1850

CA has has job programs for illegal aliens...

First.. since a job program is a legal program, they are no longer illegal aliens, but legal aliens..

Second, long before CA became a state of the union, there are migration trails for sheep, horses and humans who work as migrant farm employees. This is not only hispanic culture, but there are people's in this world who to this day migrate with the seasons and the crops and they go from apples in WA and beyond, to zucchini in Guadalajara and beyond.

Buses from America used to go to Mexico to bring workers, domestics and migrant workers.. that's how they got back and forth through the gate was being on the buses.. and they had worker's permits..

Rand isn't suggesting America does what it did back in the 1930s and 40s. import labor.

I wish my dragon mic was working

And I could give you a more detailed response Granger.. Yes you are correct Rand does NOT have a jobs program at all. He just wants to legalize illegal aliens by 11 million so that the already 14 million American citizens who cant find work will now have to compete for jobs in this already over crowded jobs market. Once again screwing the American people.And they call me a socialist.

migrant farm jobs

industrial jobs that are now available and Americans won't take.. or, NAFTA laws.

Central CA has a population of children of migrant worlers who are not hispanic, and many are from generations of migrant farm workers, who through many laws, were "emancipated" to better work, but that didn't happen for all.

Maybe the states should start immigrant programs for americans interested in farm work for Monsanto?