Todd Tiahrt: “this is not about CEO's, but it is about senior citizens. One of the things that happens when we raise the minimum wage…”

“this is not about CEO's, but it is about senior citizens. One of the things that happens when we raise the minimum wage, it is a historical fact, inflation follows, and when inflation follows, that hurts the people, people who are seniors, the worst because they have fixed incomes, they are unable to make their payments. The second thing it does is it does cost jobs. Now, we have heard this example about New Jersey, the restaurant jobs. But that is an isolated instance. As my colleagues know, my grandfather died when he was 94 years old, and he smoked. Does that mean that smoking is not hazardous to your health? Of course it is. That was an isolated instance. It does cost jobs, and it does hit the minority communities the worst. So we are costing jobs, we are hurting the elderly, and yet we are pushing for a minimum-wage increase. But the real thing, the hidden benefit to the President and to the liberals here in Congress, is that it is a tax increase. We will realize inflation. We will realize more higher taxes, more revenue. That is what happened in the early 1980's. My colleagues remember when we had the windfall tax? It was because of inflation. We had 14 percent inflation. Mr. Speaker, we can drive inflation, we can hurt the elderly, we can hurt minorities, and we can increase taxes at their expense. But I think it is bad policy.”