Re: The minimum wage was $8 an hour in 1968

From: Morphy's ghost (ghost_of_morphy_at_anonymityislegal.gov)
Date: 10/22/04 

Date: Fri, 22 Oct 2004 00:13:46 GMT

In the year of our Lord 21 Oct 2004 15:02:04 -0700,
economist101@lycos.com (Senior Economist) wrote:

>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.

While I do agree with thi idea that a higher minimum wage would be
beneficial, the issue is much more complicated than you paint it.

Morphy's ghost

What is now prov'd was once, only imagin'd -- William Blake

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