Elizabeth Warren stuns "Why Isn't Minimum Wage $22?"
The expert that she is questioning starts talking about a minimum wage of $36 an hour. Does Warren really think that the productivity of minimum wage workers has been as large as it has been for the average worker? How does she think that wages are set in the market? Does she understand that the rents that these price controls create are competed away? It is called rent-seeking by economists.
Labels: Economics, elizabethwarren, MinimumWage
posted by John Lott at 3:21 AM
4 Comments:
I am sure that Elizabeth Warren would agree that "a rising tide floats all boats," as may all progressives. With each new unemployment claims numbers comes too the numbers withdrawn from the job market economy, their boats no longer float. My boat is aground, inflating through the huge quantitative easing hole in its bottom. I'm about chest deep in water rising fast.
These people simply have NO concept of how a real business is run.
If the minimum wage is raised to these levels, our economy will slide down the rat hole even faster than it's going now.
I believe you could have ended the sentance after asking "Does Warren really think?" :)
The teen of 1960 was well educated. He was responsible, showed up for work, didn't use drugs, understood that it was HIS responsibility to show up and perform.
The teen of 2013 is sadly often none of this.
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