Minimum wage was begun in 1935 at 25 cents an hour.
Let's skip the Great Depression and WWII and go from 1950 to 2010, by decade.
[Compare the ratio of monthly rent to monthly earnings as it increases over time, almost doubling (35% in 1950 to 68% in 2010).]
Of course, one hour of time is still one hour, one gallon of gas is still one gallon, and one month remains one month. So, what has 'changed?'
The Dollar has changed, yet very few 'noticed' it!
- This is the hidden face of inflation, and the real cost of currency debasement by the Fed. It takes more and more of increasingly worthless, albeit prettily engraved, paper to pay for the same things. This is the loss of purchasing power, and just from 2010 to now it has gotten even worse. Untill the Fed is scrapped, this will continue to get worse, until a currency 'reset' is needed when we inevitably reach ZERO.
Monday 14 May 2012
From 1950 to 2010 - minimum wage.............from Rico
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2 comments:
It looks like the fall of the US stared on 28 Jan 1973. We have been plunging toward the earth with full after burners since then. This will not end well for any of us. We as a nation keep choosing poorly.
Interesting trivia but their is no direct correlation between the minimum wage and gas or rent...The rent in 1950 probably got you one bedroom with an oil burning furnace, one bath, and no airconditioning. That much rent now would get you a two bedroom, one and a half baths and central heat and air. That is to say in my town which is a suburb of Charleston, SC. One of the more desirable places to live in the country. Gas, of course, is subject to the whims of OPEC and legions of environmentalists now as opposed to 1950. Interesting stuff to be sure. Of course, you always tie it back to that shiny metal which is also subject to the whims of those who covet it...
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