LAUREN: NEW YEAR MEANS RISING
MINIMUM WAGE NEW YORK CITY
GOING UP TO 15 DOLLARS AN HOUR
AND MINIMUM WAGE TO RISE IN 21
OTHER STATES DUE TO AUTOMATIC
INCREASES OR RESIDENTS VOTED
TO RAISE IT FORMER CKE
RESTAURANT CEO FORMER LABOR
SECRETARY NOMINEE AND THE
AUTHOR OF THE CAPITAL I HAVE
THE COMEBACK THANK YOU FOR
COMING ON.
>> GREAT TO BE HERE LAUREN
THANK YOU.
LAUREN: THE MINIMUM WAGES
TOUGH FOR BUSINESSES TO STAY
IN BUSINESS; RIGHT?
>> WE CAN BE, IF YOU DON'T
ABOUT THE THERE IS REALLY NO
PROBLEM RAISING MINIMUM WAGE
IF YOU DON'T RAISE IT TO THE
POINT WHERE IT KILLS ENTRY
LEVEL JOBS REAL PROBLEM IS,
WHEN YOU GO TO NUMBER LIKE 15
DOLLARS THE BEST RESEARCH ALL
THE BEST RESEARCHER WHERE IN
CONGRESSIONAL BUDGET OFFICE
SAN FRANCISCO FED LONDON
SCHOOL OF ECONOMICS, HARVARD
BUSINESS SCHOOL A RANGE OF
RESEARCH SHOWS THAT WHEN YOU
RAISE IT DYNAMICALLY LIKE
ABOUT 15 DRARZ YOU HURT WORK
APPORTIONING THAT YOU ARE
SUPPOSED TO TRY TO HELP YOU
PRICE THEM OUT OF THE LABOR
MARKET EVEN "NEW YORK TIMES"
HAD AN ARTICLE BACK IN 1987,
THAT WAS TITLED RIGHT MINIMUM
WAGE IS ZERO TALKING ABOUT
PRICING WORKING POOR OUT OF
LABOR MARKETS THAT IS
PARTICULARLY A PROBLEM WHEN,
ONE, AUTOMATICS IS BECOMING
MORE PREVALENT AUTOMATE ANY
TASK FORCE EVEN MAKES BURGERS.
>> ADDRESSING THE PROBLEM OF
HE INCREASES WITHOUT A
MANDATORY MINIMUM WAGE FROM
GOVERNMENT, EVEN ON DRIVE HERE
WE WENT BY FAST-FOOD
RESTAURANTS, THIS MORNING,
THAT ADVERTISED NATIONAL THERE
IS NO MINIMUM WAGE INCREASE
STILL 71/4 BUT THE SIGNS IN
RESTAURANTS ARE HIGHER WE HAVE
11, 12 DOLLARS AN HOUR A HUGE
INCREASE FROM A FEW YEARS AGO,
SO THIS IC
SO THIS IE
SO THIS ICE -- IS A BIG
PROBLEM GOVERNMENT SHOULD GET
OUT OF THE WAY.
>> TALKED ABOUT AUTOMATION A
LOT OF FOLKS IN O SILICON
VALLEY SAY AUTOMATION KILLED
MANY JOBS DO UNIVERSE BASIC,
EVERY ONE DOESN'T MATTER HOW
MUCH YOU MAKE EMPLOYMENT
STATUS A STIE PEB
STATUS A STIPEPEB
STATUS A STIPENDB
STATUS A STIPEND DIDN'T WORK
IN CALIFORNIA 48% SAY THEY
WOULD SUPPORT THIS BUT THERE
ARE MAJOR PROBLEMS.
>> THERE ARE THINGS WOULD WORK
EARNED INCOME TAX CREDIT
REDUCES POVERTY ENCOURAGES
PEOPLE TO WORK, AS INCOME FROM
WORK INCREASES GOVERNMENT
BENEFITS DECREASE -- BUT
UNIVERSAL IN ORANGE COUNTY NOT
ONLY BAD IDEA KILLS INCENTIVE
TO WORK SOMETHING FROM WHICH
PEOPLE GET PRIDE OF
ACCOMPLISHMENT, AND FEELING
THAT YOU ARE REALLY HAVE DONE
SOMETHING WITH YOUR LIFE NOT
ONLY UNIVERSAL INCOME NOT
SOLVE THE PROBLEM THE
UNDERLYING PROBLEM WHAT MAKES
PEOPLE HAPPY MAKES PEOPLE
SATISFIED BUT JUST -- IT IS --
IT IS JUST BAD PLAN IN
GENERAL, IT IS AGAIN, THE
GOVERNMENT STEPPING IN, TRYING
TO SOLVE A PROBLEM, THAT
DOESN'T NEED TO BE SOLVED WE
HAVE SEVEN MILLION JOB
OPENINGS RIGHT NOW I KNOW
SILICON VALLEY IS SO UPSET
ABOUT SEVEN MILLION UNFILLED
JOBS MORE PEOPLE WORKING THAN
EVER WORKED IN THE HISTORY OF
THE COUNTRY.
OF THE SO THIS I THINK A
SOLUTION LOOKING FOR A PROBLEM
THE MOMENT.
>> ANDY, FOR 15 ARBITRARY
NUMBER ON BUMPER STICKERS NO
ECONOMIC RATIONALE TO SAY 15
COMPARED TO 14 OR 16 BUT THAT
NUMBER SHOULD BE SOMEWHERE
WHERE DO YOU THINK THAT
MINIMUM WAGE NUMBER SHOULD BE
TO A FEW YEARS AGO BARACK
OBAMA PRESIDENT OBAMA WAS
PUSHING FOR 10-0 ON A HOUR AT
THIS POINT YOU CAN'T HIRE LESS
THAN TEN DOLLARS AN HOUR, NINE
OR 10 DOLLARS AN HOUR AS
MINIMUM WAGE YOU WOULDN'T BE
KILLING THE ENTRY LEVEL
POSITIONS WORKING POOR NEED I
THINK WHAT WE NEED TO STUDY TO
DETERMINE AT WHAT POINT DO YOU
START KILLING THOSE ENTRY
LEVEL JOBS, THAT NUMBER IS
GOING TO BE DIFFERENT IN
BIRMINGHAM ALABAMA THAN IT IS
GOING TO BE IN NEW YORK CITY
OR LOS ANGELES, OR MEMPHIS,
TENNESSEE SO REGIONAL
INCREASES ARE REALLY A MUCH
BETTER WAY TO APPROACH IT THAN
FEDERAL INCREASE A FEDERAL
INCREASE YOU HAVE TO INCREASE
IT ONLY TO THE MINUTE MINIMUM
AMOUNT IF YOU INCREASE BEYOND
MINIMUM LESS ECONOMICALLY
SUCCESSFUL EASIER YOU ARE
HURTING VERY AREAS WHERE YOU
WANT TO HELP PEOPLE SO I THINK
REGIONALLY IS GOOD HAS TO BE
DETERMINED WHAT POINT DO YOU
KILL ENTRY LEVEL POSITIONS
THAT WORKING POOR -- I STARTED
WITH A MINIMUM WAGE JOB I WILL
BET MANY OF YOU DID IMPORTANT
JOBS.
>> I DID HAVE A MINIMUM WAGE
JOB.
>> I WASN'T VERY GOOD AT IT
DIDN'T LAST LONG.
>> YOU LEARN A LOT YOU LEARN A