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Updated Mar 19, 2013 - 3:24 pm

Report: Minimum wage too high for economy at $22

Minimum wage and productivity are not keeping pace with each other stated Senator Elizabeth Warren in a hearing of the Health, Education, Labor and Pensions Committee last week.

According to Policy Mic, if minimum wage and productivity had kept pace with each other between 1960 and today the minimum wage would be $22.

A $22 minimum wage would mean someone earning the minimum wage would earn about the same as the median worker does today. That gigantic increase would make American labor uncompetitive and many firms would go out of business.

Bringing the minimum wage up to $22 would shock the economy forcing many employers to eliminate jobs.

Instead, the Senate is fighting to move it to $10 minimum, where it would have been if back in 1968 minimum wage was tied to inflation.

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