Elizabeth Warren on Jobs
And there was another ugly problem: Guess who picked the regulators who had oversight responsibility for the individual banks? Often it was the banks themselves. The results shouldn't have surprised anyone: regulators often tried to outdo each other to be the friendliest, which shifted their role from watchdog to lapdog.
So credit regulation was a tangled mess, and enforcement was spotty at best. We needed an agency--one agency--that would be responsible for writing new rules, for updating the rules as lenders changed their practices, and for enforcing the rules. [That became the CFPA, Consumer Finance Protection Agency, chaired by Warren].
Often enough during the campaign, I would hear the phrase "corporate and labor influence in politics," as if "corporate" and "labor" were somehow two sides of the same coin. Really? Does anyone believe that an army of lobbyists fighting for tax loopholes and special breaks for one corporation is the same as the unions fighting for Social Security and equal pay?
She continues: "Now look, you built a factory and it turned into something terrific, or a great idea? God bless. Keep a big hunk of it. But part of the underlying social contract is you take a hunk of that and pay forward for the next kid who comes along."
Congressional summary: Increases the federal minimum wage for employees to:
Proponent's argument in favor (RaiseTheMinimumWage.com): The federal minimum wage of $7.25 per hour remains decades out of date, and the federal minimum wage for tipped workers--$2.13 per hour--has not increased in over 20 years. The minimum wage of the past provided significantly more buying power than it does today. The minimum wage of $1.60 an hour in 1968 would be $10.56 today when adjusted for inflation.
Opponent's argument against: (Neil King in Wall Street Journal, Feb. 24, 2014): The CBO concluded that a jump in the minimum wage to $10.10 an hour could eliminate 500,000 jobs. For Republicans, the report provided ammunition that a higher minimum wage would kill jobs. Democrats pointed to the CBO's findings that the higher wage would lift 900,000 people out of poverty. But both sides missed a key finding: That a smaller hike from the current $7.25 to $9.00 an hour would cause almost no pain, and still lift 300,000 people out of poverty while raising the incomes of 7.6 million people.Congressional Budget Office report:: Once fully implemented, the $10.10 option would reduce total employment by about 500,000 workers, or 0.3%. Some people earning slightly more than $10.10 would also have higher earnings, due to the heightened demand for goods and services. The increased earnings for low-wage workers would total $31 billion. Accounting for all increases and decreases, overall real income would rise by $2 billion.
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