Sen. Warren asks where the minimum wage went…Here is my answer
Why I won’t be invited to a Senate hearing:
Senator Elizabeth Warren had an economics professor at a hearing on minimum wage
She noted that “If we started in 1960…[with productivity increases]…then the minimum wage today would be about $22 an hour….with a minimum wage of $7.25 an hour, what happened to the other $14.75? It sure didn’t go to the worker.”
My answer would have been this:
“Where did the extra $14.75 go Senator?
YOU took it.
You took it from the people by debasing our currency and you gave it to the bankers and other cronies. You should know this as administrator of TARP. You and the looters like you: President Bush, Senator McCain, President Obama and Secty Clinton ….those who supported bailouts for failed Wall Street bankers on the backs of the working Americans and those who supported war and unsustainable debt.
You took it. You took it by support of continued printing of new money to pay for your wars, spying and misadventure and your special bonuses to insurance companies, defense contractors and banks.
In 1960 the minimum wage was $1 and the price of silver was about $1….in fact you could buy ‘silver certificate’ US dollars. Today, the price of that same ounce of silver is just about $20…just about the wage you are asking about. The problem is not the wage, the problem is the money.
You broke it, you broke it by stealing buying power from the American people by printing more money, devaluing their own wages and savings, by causing inflation and by reckless spending on corrupt and violent actions which undermine our rights. You want to know where the extra $14.75 in wages are? Look around at your drones, your bombs, your militarized police, your domestic spy centers, your TSA/ DHS machine, your Patriot Act, your wars and go visit the mansions and yachts of the bankers and insurance executives you gave bonuses to…this was all paid for by worker wages and compounded by borrowing from China and printing new money that devalues current money and wages with reckless disregard for the consequences.”