From Peter Grier in CSM, Senator Elizabeth Warren’s math on the $22 minimum hourly wage:
If you took the minimum wage from 1960 and indexed it for workers’ gains in productivity, it would be $22 an hour today.
Today’s minimum wage is $7.25 an hour. Warren asks: ‘What happened to the other $14.75? It sure didn’t go to the worker.’
Maybe it went to the CEO. Pat Garofalo:
The ratio of CEO-to-worker pay between CEOs of the S&P 500 Index companies and U.S. workers widened to 380 times in 2011 from 343 times in 2010. Back in 1980, the average large company CEO only received 42 times the average worker’s pay.
The rich get richer.