Why stop there, Senator?

Newly elected Senator Elizabeth Warren demonstrates why you should never listen to lawyers:

What if U.S. workers were paid more as the nation’s productivity increased?

If we had adopted that policy decades ago, the minimum wage would now be about $22 an hour, said Sen. Elizabeth Warren (D-Mass.) last week. Warren was speaking at a hearing held by the Senate’s Committee on Health, Education, Labor and Pensions.

Indexing the minimum wage to productivity?  Brilliant!!!  Now instead of 7.7% unemployment, we would have 15-20% unemployment!!!  Because, you see, companies will either increase prices to raise revenues to the level where they can afford to pay $22 an hour, or companies will not hire someone unless their work results in revenues of $22 an hour for the company.

I don’t know a lot of workers who are productive enough to earn $22 an hour for their companies.  And hey, why stop at $22 an hour?  After all, if $22 an hour is good, then $110 an hour is 5 times as good!!!  Hey, this economics stuff is easy!!!

Rather than jerk around with statistics, how about we point the finger at the real culprit, Senator?  Here’s a hint:

Inflation

If the Fed wasn’t inflating the money supply and destroying the value of the dollar, we wouldn’t need a higher minimum wage.

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Categories: Government Statistics, Inflation, Money Supply, Stupid People

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