I am sick of hearing people opposing a rise in the minimum wage because it would be an intolerable burden on business that would cause them to lay people off or prevent them hiring workers or that it would cause rampant inflation. Suring a hearing of the Senate Committee on Health, Education, Labor and Pensions, senator Elizabeth Warren takes apart a restaurant owner David Rutigliano who tries to shiftily make this argument.
First she points out that the minimum wage has not kept pace with productivity gains. She then gets some data from Dr. Arindrajit Dube, a University of Massachusetts Amherst professor who has studied the economic impacts of raising the minimum wage. He says that if the minimum wage had kept pace with the growth of incomes of the top 1%, then it should be around $33 now and that raising the minimum wage would have a negligible impact on inflation.
She then uses that information to quiz Rutigliano and debunk the claims that it would cause layoffs and cause inflation. It is a nice piece of questioning.
Warren is not bombastic nor a grandstander. She is very sharp while being soft-spoken, a good combination.
(Thanks to Crooks and Liars.)