Dec 10, 2013|
Garland talks with Isabel Sawhill of the Brookings Institution about the inequality between the rich and the poor in America and whether we should raise the minimum wage.
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Automatically Generated Transcript (may not be 100% accurate)
Who holds the gold thing drink I've read a brief life three to four hours today and often times on Sunday afternoon product unit of -- as possible so. Probably more than most I had the billboard sees spikes. In ping visitors sorting the interest the world adored -- America. And -- seems to be introducing the world and in particular America is inequality. The Pope comes and and and not basically says -- bluntly trickle down economics don't work. The people -- -- -- so about by the blue Chernobyl are being -- not being. They're growing in numbers read things like this from the economists at top 10% of viewers that are members earners. Claim about half Ole Ole -- -- tax income in 2000 well including. Capital gains. And that culture has been increasing since the late 1970s. Is now higher. Then in the time since Joe's -- for the -- approach. And usually when -- these kind of things -- freedom and Huffington Post or new York and Washington -- more liberal. Entities. But -- or so of these business publications that are pulled the record for them and these are all business leaders in big companies. One says society hold is realized in the capitalistic system. Although. Quite productive is quite dysfunction. No and says capitalism even -- 150 years ago was more inclusive there was -- of -- central social responsibility. Today the trust we see in businesses -- climbing in the third quote. We're creating a situation in which only the elite of the elite can be successful. And that is not sustain. So we've done the first two hours basically on the left and so when. Spotlighted what Pope has been sending the -- will take a look at the business but in particular. The debate over whether or not -- -- minimum wage and Republican. That is built shall. Senior fellow red and economics at Brookings institute a missile -- welcome to ensure appreciated the call. Do you buy what I'd just is this becoming a bigger issue and if it is should have been. I think it -- and I think it actually be I believed that -- market economy is today. Wonderful instrument for increasing well. And has done so historically. But you can't have a market economy. With no checks and balances and no regulation and oh. Attention to what it's doing to people's lives. And I'm quite concerned about widening inequality and what you just said is exactly right we have. And then. Seeing rising inequality. Since about the late 1970s. We get most of gains from growth going to it and bad stuff in our society and we. I think should be doing something about that equity -- and that way. And there and that's the things -- would wonder about. Wouldn't have moved out of the shows on there's in the past but not with via. Increasing attention it's getting now and always says so what we do. And one of the things that brought up for more than anything else and quite frankly -- -- agreement things are brought up. Is the minimum wage are reading this from Reuters yesterday. A writer says through economic issues such as minimum waged. Is sorts we'd have an empty in the electrical pimps and there's for so it's really zero consensus. About whether of these minimum have a positive. Negative or no affect. You agree with that -- so we get asked the debates -- not the debate how we get past. These debates to get to what should be done. Do you agree with that as. There's going to be disagreement about the impact -- any policy you might cute. And critics said raising the minimum wage -- to the fact that it might cause businesses to do that higher. And I think that's the biggest concern. Businesses -- court also don't like the ideas that it might. Make it harder for development cut into their profits at least initially. But I think that the best street church that's been done by top economists in the country. Has -- -- That there's very little impact. Higher minimum wage on hiring. Actually it increases not too. Large. Obviously if you raise the minimum wage high -- it is I have a negative impact on employment. But nobody talking about -- a minimum wage in after adjusting for inflation. Is much slower now than it was in earlier decades. And I don't think that. Anyone seriously worried about that and more. More dollars and 75 cents and. It now in an actual dollars that the minimum is seven dollars and 25 cents nationally -- the federal level. Many states have. Minimums and -- hired. And go to a special about them and for workers who rely heavily on. Camp. I had a culture restaurants since that. The reserves of 47 club owner of the paper and program but I think it was 1996. Minimum wage was. 475 with the day when you. Computer inflation and an all -- there adjustments. Today's seven point five only appears cents above deport 75 so. And I haven't improved. We have we have not improved and depending lecture benchmark from the past is we've actually. Gone in the wrong direction and he can pay higher rate than men money and relative to the average. Wage in the economy as a whole. The minimum it further away from the average that it was when it was first established. All right let's take our first break your income Americans do a few more minutes from his build. Sean Hill singer. Following economics at Brookings institute. -- with -- would call -- the think tank and mrs. Governor of its opening them and applaud the -- Particular about the minute minute minute reports much discussion on the inequality of -- growing and americorps -- reportedly allegedly is growing. Certainly seems to be a whole lot of elements about it that -- talk about it in the bills this world that admitting it's a problem. The biggest question I have is what can be done at. And in two and pubic bush and we have just with the it's this is built solid. Senior fellow in economic Brookings institute. It's solid of that that's the question that the our minimum wage should of raising the minimum wage is that the only thing that will make a difference. I had no absolutely not. And I think the solution could be to do a better job. Educating every line. I mean we've got too many people coming and you know market these days is simply don't have the skills. That businesses want and need. I think that the business community issues -- is concerned about growing inequality but I think they would tell you -- I would agree. That until we do something about it education. And training. Where the future workforce we're not gonna solve the problems are going to be. Dealing with symptoms were -- Andy underline problem. So I would literally and decide that but there are many other things we could do in the short run because it's gonna take time. In addition to raising minimum wage there is something called earned income tax credit. Explain that to me just say that mentioned a lot of won the answer. Yeah well it -- -- it's one of the most important anti poverty programs now and it really provides a supplement. If you're working your wages are low. It popped -- And it's better targeted and the minimum wage is it only goes to families. At the bottom and indeed. Distribution. And it's conditional on work. It's not like welfare. -- more hours you work. Bigger. This supplement you get. That you get it through the tax system and then if you don't owe any taxes which most low income people don't. I did then payroll taxes then you get it as any refund check from the treasury at the end of the year if you applied for. We have we have guests on at the beginning of the show run on its multi billionaire from California. He's heading up the other drugs raise California's minimum paid to twelve dollars an hour. And he said if that is done on the average workers in California you know making the minimum wage. Would come up with a -- 5000 dollars more per year would that knocked them out of their earnings and income tax credit. I knocked out. There is -- day. Get. It -- and higher than minimum -- lower than they earned income tax -- there's an article in today's New York Times. By day more conservatively oriented economy has done a lot of work in this area. And he. Makes your argument that because your income tax credit -- and more generous. Added like in the past. We don't need to raise the minimum wage would be better to Asia -- again income tax credit. And -- reasonable argument. My problems with is it would cost. Quite a lot of money and with the federal budget. In its stake -- it right now and we have these huge ship paralysis in terms of being able to do anything about that. I'm not sure. Any proposal that cost money to get treated to congress to -- the leaders should do. To kind. If we can't -- and where did that. To deal with poverty inequality. Then it's gone and gained placed on our doorstep and I think we need -- -- we need Al. Between what we do it through government but we do through the private sector. -- -- -- Let me bring more liberal losers Mike and hopefully your -- -- the missile. -- -- it. Created or Robert Horry 00. Right well each. -- -- -- -- -- -- The war. -- There. General. Why can't explain to me. And no. Government. In Iraq Cheniere. What you needed to do in. Our. College out here at all. Which they'll. Get it to each work out at all black ball. All -- -- -- now -- is now just to get the programs start. All right thank you Mike. That is mentioning the General Motors thing in the soaring today that it's payback. All of them but and yet he -- it. Many people -- argues that the other part of the deal out this so called -- program actually donate money for taxpayers that when you add it all together. We did pretty well well. By bailing out General Motors we saved. Huge number of jobs. And in columns and probably read a lot more. Tax revenue and pre prevented them much worse recession. In the process. I think just looking at these remaining costs. That have been borne by taxpayers his weight in the air cargo bay and view that it. By his number is correct. And something else he said that. I was then that you -- forgotten now. -- and wanna go back to -- earning income tax -- and and -- with the leader if if I'm making minimum wage in California they put her up to 121000 like at 5000 dollars a year more. But I've I've been getting money from -- earnings income tax credit now I'm going to get laughs. There is anybody studied how much less that would. -- -- You -- are here in come tax credit is mainly a program for war. Families with children. Typically a single parent with a child or two. And the single individuals. Who -- working in -- wage job. Tinier did contact -- but -- -- partly -- were talking about it. It's if you're at -- wage. Individual. Dependent children you're going to be helped a lot -- increase in the minimum wage. And you hardly any. You were -- benefit from the earned income tax credits. If you're a single. And -- be more betrayed. Are arrived probably better analogy you know are standing on stage from where explaining all those people. And we say you know would help in raising the minimum wage. Not a ton but it would certainly help and then it might affect the money they're getting from earning income tax credit. And there or government programs but we really don't have the money or the wherewithal. To come up with the money just -- Are we looking at that audience and -- -- glee saying. Hopefully our educational assistance gonna improve in 1020 years from now will have better answers. Saying it you know we have to work on that that the same time in the long run we've got to include. Education and also training and the music is that this program. To help. The less skilled right now are often not. Formal education programs it's built training programs done. In cooperation with employers to define what kind of skills they need and then work like say hand in glove with the community college. To provide the workers that have done deal fairly a lot more that kind of thing in my view. But right now. Their lot of people who are really struggling. To put bread on the table as they usually -- And aren't able to make and today. I think didn't need a little higher wage and all. -- we're about to. Eliminate. At the end of this year and it's congress decides to extend the program which I doubt they will do. And that's gonna hurt a lot of people. Now granted days. They don't have jobs there -- -- benefit from increased minimum wage right way I think it's something to worry about it discuss it takes. Spending power out of the economy. And make it harder for us to continue. To recover from this recession. That we have been making good progress recently and -- think it's. A mistake for. The government can now. Stepped on the brakes and say oh well we're gonna stop spending this money that helps keeping purchasing power telling. Complicated subject to thank goodness we convention gives up -- well. A little a little bit better educated I appreciated during. Albert thank you prefer having -- and sorry it is so complicated. Well hopefully we'll have you back again I'm sure will continue to show. I talked to -- every day. Isabel saw -- senior fellow of economics at the -- and -- who'd come from the actual talk to a professor of economics oil. Lot of phone call but a couple of lines opened 260170. What do you think minimum wage should go option grants at the same. And do you see any problem with blood -- you're describing. Wednesday. Growing inequality in this country that some affecting the middle glances marches and about. -- -- -- -- -- -- -- -- --