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.
Have you ever read Confessions of an Economic Hitman?
Did it change your political beliefs? Did it flip your world view upside down and inside out?
I mean Bernanke isn’t the Keynesian that Krugman is.
If anything, I’d put him up there with Mankiw and honestly Mankiw isn’t as insufferable as Krugman is.
But yeah I mean Bernanke is just mainstream. It’d be wrong to say he’s as Keynesian as other popular economists are.
Bernanke is a typical consumption-and-debt based Keynesian. Borrow money, spend money, don’t save too much, manipulate rates to get desired results.
Krugman is borderline insane. Create bubbles to off-set previous bubbles? Economic impact of natural disasters is good? We need to prepare for an alien invasion that doesn’t exist in order to revive the economy?
Krugman probably drives around smashing windows and slashing tires just to try and raise the GDP. The dude’s a radical.
Bernanke is the first academic to be the head of the Fed in a long time. That alone is a plus.
Interest rate targeting is basically what you do with central banks anymore. You can’t target the money supply and inflation expectations can be held nearly constant so long as no one fucks up (oops QE2,3,4).
Yeah, Krugman is insane. He also gets paid by the NYTimes to spread his lunacy, which is worse.
Yea, I agree. I don’t think Bernanke is the evil tyrant of the world as so many libertarians see him as. He just does what his job is supposed to be, control rates and drive different financial actions via asset purchases and liquidity changes.
Now, the existence of the fed, that’s an issue for me. But as far as what Bernanke has done while at the helm, it’s no different than what any other knowledgeable Keynesian would do.
I mean, ending the Fed isn’t that high on my priority list as a libertarian. The world we live in right now means we need a Fed, and we certainly benefit greatly from having the US Dollar.
I don’t think I agree.
If you think about the inter-connectivity of the Fed, the fiat dollar, the world’s reserve currency, the petrodollars and the wars we fight to maintain the hierarchy and value of the dollar, you realize that all of it is connected right back to how the dollar and it’s valuation is the foundation of our imperialism.
But I agree that as American citizens, we do, somewhat, benefit from the US Dollar.