…and may God have mercy on your soul.
Massachusetts Senator and fake Indian Elizabeth Warren yet again has demonstrated that she has no idea at all what she is talking about and has the comprehension of a rotting post. She opined in a mostly empty committee that if the minimum wage was indexed to overall productivity, than people should be making about $22/hr. Since the minimum wage is much less than that, the insinuation is that this is due to evil “corporates” pocketing all the money to buy yet another ivory backscratcher.
There have been many commentators who have ripped her idiocy to shreds, including the normally left-leaning commentators on the /r/politics board on Reddit. Perhaps William A. Jacobson puts it most succinctly when he points out that if the minimum wage was indexed to inflation, it would be closer to $10/hr. than $22/hr. Warren, instead indexes it to overall productivity; she makes the false assertion/assumption that productivity is entirely due to the labor of the worker, rather than any other factor. In other words:
“Perhaps it went into lower consumer costs, increased employment, summer jobs for teenagers, some spending money for retirees or stay-at-home moms who work part time, or heaven forbid, profits of the struggling retail and restaurant businesses which employ the relatively small percentage of the workforce which makes minimum wage for full time jobs. None of these possibilities entered into Warren’s question.
“How do we know that the productivity increases of minimum wage workers kept pace with the productivity increases of the average worker? Intuitively, one would think that minimum wage worker productivity gains lag far behind, which is why they are minimum wage jobs in an increasingly high-tech job market. Think the person serving burgers versus high tech information-based workers, which is more productive due to technology compared to 40 years ago?”
The sad thing is, that there are many Progressives and other assorted socialists who actually consider Elizabeth Warren to be an intellectual giant speaking the unalloyed truth. The truth of the matter, though, is far less flattering towards Sen. Warren: