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In the long run, an increase in minimum wage doesn't really raise the standard of living. In the late 1960's, the minimum wage was at it's highest inflation adj
by bsbechtel 11y ago
In the long run, an increase in minimum wage doesn't really raise the standard of living. In the late 1960's, the minimum wage was at it's highest inflation adjusted rate in history. Just a few years after that, as the effect of those wages propagated throughout the economy, we hit our highest non wartime rate of inflation of the 20th century.
- altcognito 11y ago> late-1960's, "a few years after that", "non-wartime" WHOA! Non-wartime! That's some amazing historical revisionism there. Spiraling energy costs, an expensive war abroad, skyrocketing interest rates, the final decoupling from the gold standard had a lot more to do with inflation than the minimum wage.