Joe Morelle: “I will admit I think this is the first time I have heard that the great crisis of 2007-2008 was caused by or a…”

“I will admit I think this is the first time I have heard that the great crisis of 2007-2008 was caused by or a contributing factor was the increase in the Federal minimum wage from $5.85. That sort of ignores the problems in the housing industry, credit default swaps, and a whole host of things in the financial community, not to mention what happened in the automotive industry. So this is the first time I have heard that theory promoted by anyone, and I think it varies dramatically from what history will write about 2007 and 2008. Nonetheless, I do want to just correct a few things that I thought I heard my distinguished friend say. First of all, the 1.3 million people who will receive a raise, that is not what I said nor is it what CBO said. 1.3 million people will be out of poverty. It will be a raise for 27 million Americans. So that is the right number. It is not 1.3 million; it is almost 30 million Americans. I just note that nowhere in the CBO does it talk about 4 million people being displaced. What it says is that there will be zero to 3.7, a two-thirds chance that will happen. The median loss will be 1.3 million. So nowhere is there 4 million. But, again, the point here that I think we should take from this is, using the logic that has been posited by my friend and colleague, you could argue that, using that logic, there would be no minimum wage.…”