The minimum wage in 1964 was $1.25 and the price of silver was $1.29/oz. Today, the price of silver is $29.83/oz. There are 0.18 troy oz of silver in a 1964 quarter, so 5 quarters had around 0.9 oz of silver with a melt value of $26.85. However, not only is the currency far less valuable today than it was 40 years ago, the purchasing power of the dollar itself has declined dramatically. The purchasing power of $1.25 in 1964 is equivalent to $37.14 today. The federal minimum wage today is $7.25/hr. This would be equivalent to $0.24/hr in 1964. Raising the minimum wage will just last a few years and then youre right back where you started. Fix the money, not the unemployment laws.
Posted on: Wed, 01 Oct 2014 22:39:08 +0000
Trending Topics
Recently Viewed Topics
© 2015