Senator Warren Reveals the REAL Reason Republicans Won't Raise the Minimum Wage

[davidthegnome]

4. She is right.

Keep in mind though, that if and when we do raise the minimum wage, prices are going to go up as those same rich people pass the costs on to everyone else. When it goes up, prices will go up to compensate. I don't believe that a whole lot of businesses would shut down - if they can't afford to pay people a more decent wage, they shouldn't be in business to begin with.

My concern though, is that prices will go even higher than necessary to compensate for rising wages. Things are expensive now - if they get much more expensive, then it's not going to matter to people like me (making 8 dollars an hour) whether we increase the minimum wage to 9 or 10 dollars an hour. It would help right now, sure... but this is a process that will take time, likely years. Meanwhile, there has to be some kind of contingency plan or some additional security. Price controls, perhaps.

That said, I still think we need some kind of new "New Deal". If the wealthy and ultra wealthy insist on keeping their employees in poverty, then they need to be responsible for paying taxes to support food stamps, TANF - and other programs. There needs to be some kind of federal stipend that helps people survive as well, while they're working for these slave wages. That's something we could do with the money all of these huge companies get in tax relief. Instead of bailing out banks and corporations - the American people need to be bailed out.

Elizabeth Warren is awesome. I wish we had more like her.