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yesterday have mmm
mmm I don't know exactly how I want to characterize the fellow called but
he calls with some regularity from Virginia and I i think
I'm I'm I'm guessing that he's somebody who does this for a living but any a
he call a buddy said you know do you really want to raise the minimum wage
because then you're mcdonald's hamburgers gonna cost more and we on
this big debate about the minimum wage
and I just completely neglected even mention the fact that
the hamburger wouldn't have to cost a penny more if mcdonald's made a little
less profit their corporate profits not as theirs for corporate profits in
general are at the highest level in the history the Republic
worth their CEOs and senior executives took a little less money those
salaries are at the highest level in the history the Republic they could easily
pay their workers were more
bernie we got into the impact you know the the suppose it inflationary impact
to the minimum wage I said please identify for me
any one year since 1939 when the minimum wage is passed 38 when I was passed when
raise the minimum wage produced inflation he was unable to do that
and James came did some math on this
and some very interesting stuff here
he said the minimum wage has been increased 22% time since 1939
republicans have increased it eight times democrats increased it 14 times
the average percentage increase was sixteen point two percent
which did not produce inflation
and if you look at it in decade-long chunks
and the president is proposing not raising the minimum wage tomorrow
morning he's proposing minute you know phasing it in over several years
so if you look at it decade-long charts what you see is that
the decade of the forties there was one hundred and fifty percent increase the
minimum wage
no significant inflation as a consequence of their in the decade in
the fifties
was a 53 percent increase in the minimum wage
again didn't jack up prices to the extent that there was inflation all
through these times
it was very purposeful reduction in the value of the dollar
largely by the fat in order for the government to be able to pay off its
debts with cheaper dollars very simple stuff had nothing to do with minimum
wage
the decade of the sixties it was 39 percent increase in the minimum wage the
decade up the seventies
a 93 percent increase in the minimum wage
the decade of the eighties which was bush
and a reagan it was only a 22 percent increase the minimum wage in fact
a 1 I've the carries a time when the minimum wage really didn't go out much
at all
are and inflation was quite significant during that period time oddly enough
the decade of the nineties
a 35 percent increase the minimum wage and the first decade of the 21st century
a 40 percent increase the minimum wage not have those
they have produced inflation in fact the average decade-long increases but
sixty-two percent
now if you were to raise today's minimum wage by 62 percent
it would be eleven dollars and 76 cents an hour which is in the neighborhood
have the
nine dollars an hour that Obama is proposing or the ten dollars an hour
that Bernie Sanders and others are proposing
ten dollars and fifty cents an hour's work would be if we just inflation's
just 22 1968
so once again
you know we need to raise the minimum wage and there will be no
negative fallout from