Explaining The Minimum Wage To Harvard Law Professor Elizabeth Warren

By: Repair_Man_Jack (Diary)  |  March 19th at 10:30 AM  | 

Being the profoundly intellectual and curious individual we all know her to be, Senator Elizabeth Warren is on the warpath for answers.* Her null hypothesis clearly remains that there is no such thing as a stupid question. Otherwise, she never would have asked the following:

“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,” the Massachusetts senator said during the hearing. “And, if that were the case, the minimum wage today would be about $22 an hour. So, my question … is what happened to the other $14.75?” she asked University of Massachusetts professor of economics Arindrajit Dube:

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