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Sen. Elizabeth Warren (D., Mass.) wondered out loud why the nation’s minimum wage isn’t at $22 an hour, during a Senate Committee hearing on Health, Education, Labor and Pensions last week.

“If we started in 1960, and we said that, as productivity goes up — that is, as workers are producing more — then the minimum wage is going to go up the same. And, if that were the case, the minimum wage today would be about $22 an hour. So, my question, Mr. Dube, is what happened to the other $14.75?”

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