The minimum wage in 1955 was $1.00/hr.
That would be four quarters, back when quarters were made with silver. The melt value of those four quarters (in today’s money) is about $20.gee I wish this had a source..
you can literally google every aspect of this post.
1995 minimum wage, silver content in US quarters pre-1964, spot price of silver
These are not hard pieces of information to find. Not everything needs to be injected directly into your thick skull from somebody else in order for you to know about it.
I mean honestly. Are you that fucking dumb?
I hate lazy people who want a source for everything as if Google doesn’t exist on your computer, phone, playstation and tv.
All of the info in the world, right there at your fingertips and you are too lazy to search or to comfortable with your skepticism that you refuse to do so.
Someone yesterday asked me “If IP law hurts individuals, why isn’t there anything written about it?” I wanted to cut my neck with a pencil, pull my brains out with a toothpick and jam them down my throat so I could suffocate to death.
Minimum Wage in 1955 to 1956: $1/hour (via Dept of Labor)
Price of an ounce of Silver in 1955: $0.95/ounce (via The Silver Institute)
What $1 in 1955 is worth in 2013 dollars: $8.23 (via Bureau of Labor Statistics)
Price of an ounce of Silver in 2013 (3/28/13): $28.82 (via MonEx)
The US dollar literally lost $20.59 or 71.4% of it’s value since 1955 due to inflation.
Next time don’t be so damn lazy.
After doing a lot of made-up math, I’ve come to the conclusion that we should raise the minimum wage to $317.43 an hour. We’d have world peace and everyone would own 12 Ferraris.
Rest in Peace, Armen Alchian (1914-2013)
The fallacy of a minimum wage.
I was reading Truthout’s facebook page and I noticed that they’ve been pushing for a higher minimum wage. I had to dive in:
The idea of a price floor for labor (minimum wage) is flawed. You know what happens when you raise the cost of production? You raise the price of goods. In turn the wage you had earned no longer buys you what you need to survive, so again, we think that we need to raise the minimum wage and again, it drives up the cost of goods.
What does this do? It sends us into a never ending cycle.
Minimum Wage laws aren’t the solution to our problems. They are a band-aid trying to stop cancer. In fact, they might be worse. They might be a driving force.
The problem right now is that business has trouble finding profits while working within the states. This is why they’ve moved overseas with a lot of production and seen profits skyrocket.
The American labor force has to stay competitive or get pushed aside. This is the reality of the situation. So how do we stay competitive? There are a few ways. Offering cheaper labor is one. Offering higher quality is another. Offering more efficient markets is another.
But we don’t address these problems. We just try to hand people more money via legislation and we think that will solve the problem.
Imagine a small store with employees 6 employees all at or just above minimum wage. If we’d have to pay these employees $11 an hour as opposed to $9, that’s nearly $30,000 more a year in labor and tax costs. For many store owners, that can mean a large portion of their own income. So what do you think they are going to do? Earn less than their employees or hire less and make the rest work harder?
The other issue is that why are people who need to support a family still working a low income job? Those types of positions are usually reserved for youth, students, elderly or the unskilled. But we have many skilled people working below their abilities.
Because legislation and and competitive markets have driven business out of this country. And left many of us with no other choice. real unemployment rate is near 15%, factor in part time and underpaid employment and we’re even higher.