The minimum wage was $8 an hour in 1968

From: Senior Economist (economist101_at_lycos.com)
Date: 10/21/04 

Date: 21 Oct 2004 15:02:04 -0700

In 1968 the Minimum Wage was $1.60. That is the equivalent of $8 an
hour in 2004 dollars. Given that we are a richer society 35 years
later, the minimum wage should now be close to $12 an hour.

Higher wages means more money to spend - if prices rise, people will
have the money to buy the higher priced products. More money in the
hands of consumers will stimulate the economy, make it more productive
and make us all richer. We will also save money as crime disappears
and our economy reaches full employment.

Higher wages equal higher tax revenues. Instead of cutting taxes, we
should raise wages. If we want wages to rise, we should begin raising
them at the bottom, and the higher salaries will follow.

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