| 00:00:04 |
none, -
TODAY'S TOPIC IS THE MINIMUM WAGE. THIS IS A WEEK OF TRANSITION IN WASHINGTON. TODAY WE MOURN THE PASSING OF PRESIDENT GERALD FORD. LATER THIS WEEK...
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| 00:00:20 |
Unidentified Speaker, -
THAT ONE OF THEIR TOP PRIORITIES WILL BE TO INCREASE THE MINIMUM WAGE. INCOMING HOUSE SPEAKER NANCY PELOSI HAS PROMISED TO INTRODUCE LEGISLATION TO...
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| 00:05:03 |
Unidentified Speaker, -
HEAR AGAIN, WOULDN'T IT? AS BOB INDICATED, THE MINIMUM WAGE IS AT THE TOP OF THE ITEMS FOR EARLY 2007, BUT JUST LAST YEAR THE REPUBLICANS SAID THEY,...
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| 00:06:29 |
Unidentified Speaker, -
AT THE FIRST POINT I'D LIKE TO MAKE, AS IS WELL KNOWN, THE STANDARD COMPETITIVE MODEL OF THE LABOR MARKET SUGGESTS THAT A BROAD-BASED INCREASE IN THE...
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| 00:13:26 |
Unidentified Speaker, -
PRICE OF LABOR, YOU RAISE THE WAGE THAT EMPLOYERS WILL BUY LESS LABOR, THEY'LL WANT TO HIRE FEWER WORKERSMENTS WHEN YOU THINK ABOUT THAT CONCEPT, YOU...
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| 00:17:09 |
Unidentified Speaker, -
THOUGH THE INCREASE IN THE MINIMUM THAT'S BEING TALKED ABOUT OVER A ROUGHLY TWO-YEAR PERIOD, THAT'S A SUBSTANTIAL INCREASE. THAT'S A CLOSE TO 40% INCREASE...
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| 00:21:51 |
Unidentified Speaker, -
MAGNITUDE OF THE PROPOSAL LIKE THE CURRENT ONE WHICH,
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| 00:21:54 |
Unidentified Speaker, -
BY THE WAY S TO GO UP TO $7.25 BY 2009. THE NOMINAL INCREASE, THE NOMINAL INCREASE FROM THE CURRENT LEVEL YOU HEARD HARRY MENTION 40% FROM 5.15 TO 7.25,...
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| 00:39:36 |
Unidentified Speaker, -
ISSUES AT HAND WHICH LEADS HIM TO SUPPORT AN INCREASE IN THE MINIMUM WAGE. JARED RESPONDED TO THAT PERHAPS EFFECTS ARE MALLER THAN YOU THINK BECAUSE...
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| 00:40:37 |
Unidentified Speaker, -
INCREASE IN
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| 00:40:38 |
Unidentified Speaker, -
WAGE INEQUALITY IS SUBJECT TO A LOT OF
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| 00:40:40 |
Unidentified Speaker, -
DEBATE. THERE'S A RECENT PAPER, NUMBER OF PAPERS THAT I THINK MAKE A STRONG ARGUMENT THAT INSTITUTIONAL EFFECTS AREN'T REALLY THAT RELEVANT AT LEAST...
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| 00:43:14 |
Unidentified Speaker, -
THE MINIMUM WAGE HAS BEEN AN IMPORTANT PART
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| 00:43:17 |
Unidentified Speaker, -
OF THE EXPLANATION FOR THE INCREASE IN WAGE INEQUALITY. TO ABSOLUTELY, AS YOU SAID, HAS NOTHING TO DO WITH THE TOP FRAKT TILES THAT THEY LOOK AT. WE'RE...
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| 00:46:00 |
Unidentified Speaker, -
BOTTOM AND MIDDLE SHRANK. CLEARLY IN THAT PERIOD, YOU KNOW, THE MINIMUM WAGE ISN'T GOING TO BE SOMETHING THAT LEADS TO INCREASING INEQUALITY BECAUSE...
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| 00:48:20 |
Unidentified Speaker, -
1500 YARDS WHICHEVER CAME FIRST. IF THE MINIMUM WAGE SHOULD BE INCREASED OVER TIME, THEN BY EXACTLY HOW MUCH? I MEAN WHEN DO WE KNOW ENOUGH IS ENOUGH?...
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| 00:49:27 |
Unidentified Speaker, -
LABOR MARKETS CHANGED A LOT. IN SOME WAYS THE BASIC MARKET FOR FORCES HAVE SHIFT FOR OTHER REASONS, TECHNOLOGY, GLOBALIZATION, MAYBE IMMIGRATION, HAVE...
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| 00:50:57 |
Unidentified Speaker, -
ON THE INCOME DISTRIBUTION AS I INDICATED IN MY
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| 00:51:00 |
Unidentified Speaker, -
EARLIER REMARKS. >> MY READ OF THE HISTORY OF MINIMUM WAGE INCREASES IS THAT AS LONG AS WE HAVE HAD LESS THAN 10% OF THE WORKERS IN THE SWEEP, WE HAVE...
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| 00:51:22 |
Unidentified Speaker, -
DOESN'T SEEM TO APPLY IN TERMS OF THE EMPLOYMENT IMPACTS IN THE PREDICTED WAY. SO AT THIS POINT AS I MENTIONED, THE 10th PERCENTILE AROUND 7.506789...
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| 00:52:12 |
Unidentified Speaker, -
YOU HAVE ARGUED THAT INCREASES IN THE MINIMUM WAGE WOULD ACTUALLY INCREASE NATIONAL INCOME. ALTHOUGH TO BE FAIR ABOUT IT, I THINK THERE'S A SLIGHT HINT...
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| 00:52:27 |
Unidentified Speaker, -
RUN THAT MIGHT BE GOOD FOR SOCIETY, NOT IN THE WAY WE ECONOMISTS MEASURE
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| 00:52:32 |
Unidentified Speaker, -
NATIONAL INCOME, BUT LONG RUN THAT MIGHT IMPROVE. ELAINE HINTED WE MIGHT DRAW OR JARED, I CAN REMEMBER, MIGHT DRAW PEOPLE OUT OF THE UNDERGROUND ECONOMY...
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| 00:53:48 |
Unidentified Speaker, -
SO I DO THINK THAT, THERE'S NOT BEEN ENOUGH WORK ON THIS, GENE, IT'S A GOOD, IMPORTANT QUESTION, THERE HAS NOT BEEN ENOUGH WORK ON. I THINK THE ABSORPTION...
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| 00:55:09 |
Unidentified Speaker, -
PRODUCED WITH MINIMUM WAGE LABOR. AS I INDICATED EARLIER, I THINK THERE IS EVIDENCE THAT SOME OF IT IS OFFSET THROUGH LOWER TRAINING COSTS BY REDUCED...
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| 00:55:46 |
Unidentified Speaker, -
WHICH PRICES ARE WE TALKING ABOUT? WE'RE PROBABLY TALKING ABOUT THE PRODUCTS MOST HEAVILY PRODUCED WITH MINIMUM WAGE LABOR ARE SORT OF AT RETAIL TRADE...
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| 00:56:55 |
Unidentified Speaker, -
LOW WAGE WORKERS, BUT WE'RE NOT JUST LOOKING AT THE CASH WAGE ONLY. SO WE'RE INTERESTED IN PENSIONS, HEALTH BENEFITS, THERE ARE PROPOSALS SUCH AS...
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| 00:57:10 |
Unidentified Speaker, -
HEALTH INSURANCE. SHOULD WE BE MEASURING SOME OF THESE MINIMUM WAGE EFFORTS IN TERMS OF TOTAL COMPENSATION RATHER THAN JUST THE CASH WAGE? FOR INSTANCE,...
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| 00:58:01 |
Unidentified Speaker, -
SURVEY. REALLY INTERESTING STUFF. I JUST GOT THIS MORNING IN THE MAIL, SOME TABULATIONS THEY DID BASED ON WAGE LEVELS. AND THE FACT IS THAT PENSION...
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| 01:00:00 |
Unidentified Speaker, -
SERVE MODERATE WAGE WORKERS. ELAINE, YOU HAVE GOT ONE PROPOSAL ON THE FLOOR HERE WITH INCREASING THE CHILD CREDIT. BUT I'M WONDERING WHAT YOU MIGHT...
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| 01:00:53 |
Unidentified Speaker, -
MORE REWARD AND EVER-MORE IMPORTANT TO THE EARNINGS DISTRIBUTION. THERE'S A WHOLE RANGE OF THINGS TO RANGE, TO RAISE SKILL LEVELS OF THOSE IN THE ...
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| 01:03:10 |
Unidentified Speaker, -
LOOK AT THE EXPERIENCE OF LOW WAGE WORKERS, THIS IS IF YOU'VE EVER TALKED TO WENDELL, MAKE SURE YOU PUT TIME ASIDE TO LAY THIS RAP YOU ON, ONE OF HIRS,...
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| 01:03:24 |
Unidentified Speaker, -
REAL POLICY INSIGHTS THAT I WOULD SHARE WITH ANY PRESIDENT WHO WOULD LISTEN TO ME. ON THIS ISSUE. I MEAN HAD YOU REALLY THREE LEGS OF THE STOOL WORKING...
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| 01:05:38 |
Unidentified Speaker, -
THE PANEL. >> THANK YOU, GENE. I'M EDWARD COHEN. CAN YOU HEAR ME? I'M AN INDEPENDENT EDITOR AND WRITER. I HAVE A VERY BRIEF COMMENT FOR ELAINE. [AUDIO
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| 01:06:01 |
Unidentified Speaker, -
DIFFICULTY] >> WHETHER YOU THINK IT'S RELEVANT. I WOULD WELCOME THAT. ITCH THIS QUESTION FOR THE, THOSE OF YOU WHO STYLE YOURSELVES AS ADVOCATES, PERHAPS...
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| 01:06:38 |
Unidentified Speaker, -
INDEXATION TO SOME PRICE INDEX, TO INFLATION, WOULD YOU AGREE TO FORESWEAR FURTHER ADVOCACY OF AD HOC INCREASES AND WOULD YOU AGREE THAT THE INDEXATION...
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| 01:07:24 |
Unidentified Speaker, -
OR CHANGING LABOR MARKET CIRCUMSTANCES THAT IT'S NICE TO HAVE SOME OF THAT FLEXIBILITY BUILT IN TO AND MIGHT BE, YOU HAVE THAT FLEXIBILITY TO, OF WHEN...
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| 01:08:38 |
Unidentified Speaker, -
MINIMUM WAGE CAREERS. JUST TO CORRECT A MISIMPRESSION I THOUGHT WAS IN YOUR QUESTION. CERTAINLY I AND I SPEAK FOR HARRY, I SUSPECT AS WELL, WOULDN'T...
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| 01:09:27 |
Unidentified Speaker, -
WAGES GO
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| 01:09:28 |
Unidentified Speaker, -
UP, BENEFITS GO DOWN. SMALL BUSINESSMEN HAVE BEEN ASKED BY THIS ADMINISTRATION TO PAY INSURANCE AND ALL THOSE OTHER GOOD THINGS. THEY'RE SIMPLY NOT...
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| 01:10:27 |
Unidentified Speaker, -
WAY BACK AFTER A YEAR. WE HAVE OPTIONS. SO WE DON'T HAVE TO HIRE MINUTE MUJ WAGE PEOPLE WE HAVE TO PAY, YOU
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| 01:10:34 |
Unidentified Speaker, -
KNOW. >> RELATED QUESTION IS HOW TO DRAW IN SMALL BUSINESSES IN TO THIS FRAMEWORK AS WELL. >> YOU KNOW, IF WE HAD A SURE-FIRE WAY TO INCREASE THE SKILL...
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| 01:10:55 |
Unidentified Speaker, -
THE EDUCATION AND TRAINING PROGRAMS OFTEN TARGETED TO THAT GROUP, THERE ARE, THEIR COST
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| 01:11:01 |
Unidentified Speaker, -
EFFECTIVENESS IS OPEN TO SOME QUESTION. AGAIN, I'M MORE SYMPATHETIC TO A LOT OF EFFORTS THAN SOME OF MY COLLEAGUES HERE, BUT I THINK AGAIN, I PREFER...
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| 01:12:38 |
Unidentified Speaker, -
MINIMUM WAGE ON THE BOTTOM PART OF THE INCOME DISTRIBUTION, I'M CURIOUS HOW YOU CONTROL
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| 01:12:44 |
Unidentified Speaker, -
FOR BLACK MARKET LABOR SPECIFICALLY LOW WAGE LABOR IN THE FORM OF UNDOCUMENTED WORKERS IN RESTAURANTS OR UNDOCUMENTED WORKERS DOING CONSTRUCTION WORK,...
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| 01:13:56 |
Unidentified Speaker, -
SOURCES, WE WOULD CAPTURE IT TO. THE EXTENT THEY WEREN'T, WE WOULDN'T CAPTURE IT. THE FACT THAT THERE WAS, SO FOR EXAMPLE, I'M NOT SURE WHERE YOU'RE...
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| 01:14:45 |
Unidentified Speaker, -
ACTUALLY CLAIMED. SO IT'S PRETTY HIGH. BUT NOT PERFECT. THERE'S SOME MONEY ON THE TABLE. WE COULD SIMPLIFY THE SYSTEM, ONE SIMPLIFICATION IS THE ONE...
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| 01:15:50 |
Unidentified Speaker, -
ANYBODY LOOKED? SEEMS LIKE
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| 01:15:52 |
Unidentified Speaker, -
THE SIZE OF THE CHANGE HAS TO BE A FACTOR IN HAVING IT GROW STEADILY WITH INFLATION WORKS NOT ONLY KEEP LOW WAGE WORKERS FROM LOSING GROUNDS OVER TIME,...
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| 01:16:32 |
Unidentified Speaker, -
BE SMALLER FOLLOWING THE MINIMUM WAGE INCREASE THAN IN YEARS WHERE THEY'RE NOT FOLLOWED BY A MINIMUM, FOLLOWING A MINIMUM WAGE INCREASE. SO THERE...
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| 01:17:14 |
Unidentified Speaker, -
NEW TECHNOLOGY TO SUBSTITUTE CAPITAL FOR WORKERS, BUT THAT'S A LONG-RUN INVESTMENT, BY THE TIME THEY MAKE THE INVESTMENT THAT INFLATION WOULD ERODE...
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| 01:18:20 |
Unidentified Speaker, -
FOR EMPLOYEES? IF I'M STARTING A SMALL BUSINESS, I'M BEGINNING TO HIRE SOME TEENAGE EMPLOYEES AND KNOWING SORT OF WHAT A MINIMUM WAGE I NEED TO APPLY...
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| 01:18:32 |
Unidentified Speaker, -
ADVANTAGE? FORGET ABOUT THE LEVEL. IS THERE A ADVANTAGE TO HAVING A MINIMUM WAGE IN THE ECONOMY AS OPPOSED TO EVERYBODY NEGOTIATING ARE FROM SCRATCH?...
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| 01:19:02 |
Unidentified Speaker, -
EMPLOYERS IN TERMS OF -- BUT WE HAVE NO EVIDENCE ON THAT DIRECTLY EITHER. I THINK, YOU KNOW, WHAT MARKETS DO, SINCE THERE'S SO MUCH VARIATION IN SUPPLY...
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| 01:19:47 |
Unidentified Speaker, -
WELL BELOW THE MINIMUM. AS
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| 01:19:49 |
Unidentified Speaker, -
I SAID EARLIER, ONE OF THE POINTS OF THE MINIMUM WAGE, INCREASING MAKES SENSE IN THAT REGARD, MAKE SURE WAGES DON'T GO BELOW THAT LEVEL. >> QUESTION...
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| 01:20:22 |
Unidentified Speaker, -
THE MID-LEVEL PEOPLE ARE GOING TO GET MORE MONEY,
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| 01:20:24 |
Unidentified Speaker, -
WE KNOW THE TOP PEOPLE ARE ALWAYS GOING TO GET MORE MONEY. SO THE COST OF THE PRODUCT CONTINUES TO GO UP AND UP AND UP. SO THE PERSON ON THE BOTTOM...
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| 01:21:13 |
Unidentified Speaker, -
WAGE AND YOU KNOW, RELATES TO MONETARY POLICY AND OTHER FACTORS THAT HAVE AN ULTIMATE EFFECT ON THE INFLUENCE ON THE PRICE LEVEL. >> IMPLICIT IN YOUR...
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| 01:21:23 |
Unidentified Speaker, -
NOTION THAT UNLESS I MISUNDERSTOOD, THAT WE HAVE TO MAKE SURE WE KEEP WAGES NICE AND LOW SO WE KEEP PRICES NICE AND LOW. >> IT'S NOT THAT WE SHOULD ...
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| 01:21:42 |
Unidentified Speaker, -
YOU INCREASE WHATEVER IT IS YOU'RE GOING TO INCREASE. AND IF YOU INCREASE THE SALARY LEVELS TO A POINT WHERE THE PRICE OF THE PRODUCTS CONTINUE TO GO...
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| 01:21:53 |
Unidentified Speaker, -
CAN AFFORD TO BUY THEM ANYMORE. >> I GUESS I DON'T BELIEVE PRICE, I JUST DON'T BELIEVE THAT PRICES, ESPECIALLY IN THIS ECONOMY, ARE FORMED KIND OF IN...
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| 01:22:18 |
Unidentified Speaker, -
THERE IS A SMALL PASS-THROUGH OF MINIMUM WAGE INCREASES, I'M NOT WORRIED ABOUT THE SCENARIO YOU DESCRIBE. >> QUESTION IN THE BACK THERE. >> HI, I'M...
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| 01:22:47 |
Unidentified Speaker, -
THERE RACIAL DATA BREAKDOWNS OF ANALYSES OF THIS WHOLE ISSUE BY RACE? WOULD IT IN ANY
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| 01:22:53 |
Unidentified Speaker, -
WAY EFFECT POLICY AND POLITICS IF THERE WERE? >> WE HAVE SOME NUMBERS THAT ARE ON OUR WEB SITE AT EPI.ORG. LOOK AT THE SHARE OF WORKERS AFFECT BID...
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| 01:23:19 |
Unidentified Speaker, -
WOULD, A SMALLER SHARE OF WHITES WOULD BE EFFECT BID THE INCREASE THAN IS THEIR SHARE IN THE TOTAL WORK FORCE. AND THAT'S JUST ANOTHER WAY OF SAYING...
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| 01:23:56 |
Unidentified Speaker, -
END SUGGESTS PEOPLE WITH THE FEWEST SKILLS. ONE OF THE POINTS MADE EARLIER WAS THAT RAISING THE MINIMUM WAGE MIGHT REDUCE ON-THE-JOB TRAINING OPPORTUNITIES....
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| 01:24:10 |
Unidentified Speaker, -
WAGE FOLLOWED BY HIGHER PERMANENT WAGE. COULD YOU ADDRESS THE QUESTION OF WHETHER THAT MAKES ANY SENSE. >> I THINK THERE'S A.I.M. PIER CALL QUESTION...
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| 01:24:40 |
Unidentified Speaker, -
WORKERS. AND THERE'S A FEW PAPERS SUGGESTING AS YOU RAISE THE MINIMUM YOU CUT OFF ON-THE-JOB TRAINING. I GUESS LIKE JARED I'M A LITTLE SKEPTICAL,...
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| 01:25:36 |
Unidentified Speaker, -
TIERED MINIMUM WAGE FOR THEM. >> HAVE THIS AS THE LAST QUESTION. I'M SORRY TO THOSE I MISSED. >> LEON
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| 01:25:44 |
Unidentified Speaker, -
HOWELL, FREE-LANCE WRITER. HOW THE STATES, ABOUT HALF THE STATES NOW HAVE THE MINIMUM WAGE INCREASES. HOW HAVE THEY DEALT WITH THE SET OF ISSUES, OBJECTIONS...
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| 01:26:00 |
Unidentified Speaker, -
MANY ADOPTED THIS DO TO THE FEDERAL
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| 01:26:04 |
Unidentified Speaker, -
GOVERNMENT'S MOMENTUM AND INITIATIVE ON ADDRESSING THIS ISSUE POLITICALLY? >> I GUESS THAT ALSO RAISES THE QUESTION, SHOULD THE STATES TO BE LABORATORIES...
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| 01:26:31 |
Unidentified Speaker, -
LOW HANGING FRUIT. IF YOU WANT TO DO SOMETHING TO HELP LOW WAGE EARNERS, SOMETHING THAT DOESN'T
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| 01:26:38 |
Unidentified Speaker, -
COST ANY PUBLIC MONEYS, THIS IS AN EASY THING TO DO. REMEMBER, POLITICIANS DON'T HAVE TO, IF THERE IS AN ADVERSE EFFECT ON EMPLOYMENT, THAT DOESN'T COME...
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| 01:28:14 |
Unidentified Speaker, -
MINIMUM WAGE WOULD BE GOING BACK TO THE QUESTION ABOUT WHAT THE OPTIMAL MINIMUM WAGE WOULD BE. MORE LIKELY TO BE DETERMINED AT THE LOCAL TORE STATE...
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| 01:28:47 |
Unidentified Speaker, -
LIKELY TO PASS A CLEAN BILL. I THINK THINGS COULD GET DRAGGED DOWN IN THE SENATE. I HOPE THAT THEY DON'T. I HOPE THAT WE DO AT LONG LAST HAVE A CLEAN...
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| 01:29:00 |
Unidentified Speaker, -
I WOULD LIKE TO SEE CONGRESS LOOK NOT ONLY AT THE MINIMUM WAGE. I WOULD LIKE THEM TO LOOK AT COMPREHENSIVE POLICY FOR LOW WAGE WORKERS AND LOOK AT THE...
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| 01:29:21 |
Unidentified Speaker, -
EFFECTS OF THE IMPENDING MINIMUM WAGE INCREASES OVER THE NEXT SEVERAL YEARS. I REALLY THINK THE DATA SHOULD SPEAK TO THE EFFECTS OF THE MINIMUM WAGE...
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| 01:29:34 |
Unidentified Speaker, -
THE MINIMUM WAGE, LOWEST HANGING FRUIT, I WOULD ENCOURAGE POLICYMAKERS NOT TO STOP THERE. IF THEY WANT TO LEGISLATE THE INCREASE, THINK AS ELAINE...
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| 01:29:52 |
Unidentified Speaker, -
THE POLICY PACKAGE. >> ON BEHALF OF THE URBAN INSTITUTE I WOULD LIKE TO THANK OUR FOUR PANELISTS. THOSE IN THE AUDIENCE WOULD AGREE WE HAD FOUR OF...
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| 01:30:14 |
Unidentified Speaker, -
CONVERSATIONS] >> WHEN THE 110th CONGRESS BEGINS THURSDAY, DEMOCRATS WILL BE IN THE MAJORITY IN THE HOUSE FOR THE FIRST TIME IN 12 YEARS. WITH 233...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.