We Don’t Need Better Government Policies for Workers; We Need Better Money
August 31, 2023 by Michael Maharrey
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Labor Day is coming up. That means we will hear a lot about the plight of American workers. And we will undoubtedly hear calls for new policies to help make their lives better. But we don’t really need more government policies to help workers.
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When he announced the closing of the gold window, Nixon said, “Let me lay to rest the bugaboo of what is called devaluation,” and promised, “Your dollar will be worth just as much as it is today.”
This was also a lie.
The dollar has lost more than 85% of its value since Nixon’s fateful decision, based on the CPI calculator. The purchasing power of a 1971 dollar is equal to less than 14 cents today.
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Johnson promised removing silver would have no impact on the value of US coinage. “[The] Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin,” he said.
He was lying, just like Nixon.
When LBJ signed the 1965 act, the value of a dollar was almost exactly the same as it had been in 1792—0.77 ounces of silver. By 1980 the dollar had plunged to 0.02 ounces of silver. Today, a dollar today is valued at about 0.06 ounces of silver.
What does this have to do with the minimum wage?
Consider this: In 1964, the minimum wage stood at $1.25. To put it another way, a minimum wage worker earned five silver quarters for every hour worked. Today, you can’t even buy a cup of coffee with those five quarters at face value.
But today, the silver melt value of those five quarters stands at over $22.
That’s a $ 22-per-hour minimum wage.
Now flip things around. Today, it takes 88 quarters to pay a $20 minimum wage. If you paid that in 1964 silver quarters, the value of the metal would be something in the neighborhood of $390!
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That’s a $ 22-per-hour minimum wage.
So it you’re asking for a higher “minimum wage”, remember that the same Gooferment asking is the one that screwed you in the first place!
Focus on the true cause of “inflation” and why you can’t make ends meet.
Argh!
Happy “Labor” day, suckers.
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