With regard to the idea of raising the minimum wage to $15 per hour because one can no longer make a living on the current minimum wage, this destructive outcome is entirely the fault of government policies and the Federal Reserve. For those of us who have long memories, we can remember back when we were only making $7.50-$9.00 per hour and able to live well from those wages. Back then, one could have an apartment or a small house, a car, good eats, and many luxury items just by being able to save money. And if one worked a lot of overtime, one could even save money to go to college as I did. Theses days, trying to make a living off $15 per hour is rough, but that did not come about because businesses arbitrarily pay low wages, but rather because the Federal Reserve and deficit spending that encourages it, have destroyed our financial underpinnings by grossly devaluing the dollar over the years. While we only had hyper inflation during the late to middle 70s, the slow erosion of the value of a dollar over the years had made $9.00 wages in 1980 worth twice as much as $15 per hour wages today. The value of the dollar has sunk that low in the intermittent years since I worked for DuPont thirty odd years ago, and worked overtime to save $5,000 to pay for my first year of college without me having to work. These days, I have to live with my parents because my current wages of nearly twice back then are devalued to the point that I have been driven to poverty even though I am making more money nominally. Put us back on the gold standard, and let banks produce their own money of gold and silver to get us back on the right track where the American worker can once again live the American Dream.
Posted on: Sat, 25 Oct 2014 21:49:00 +0000
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