An executive order raising the minimum wage?
He simply decided to reach into the pocket of every small businessman, 'cause, you know, they didn't build their business...he did.
Reminds of the old joke: a Liberal and a conservative walking down the street, and they see a homeless man. The Liberal exclaims: "I wanna help that guy! Quick...gimme your wallet."
1. " Today, said the President in his State of the Union message, the federal minimum wage is worth about 20% less than it was when Ronald Reagan first stood here.
But wait, wasnt the minimum wage $3.35 an hour throughout Reagans two terms? Isnt it now $7.25 an hour? How does that add up to a drop in value by 20%?
2. ...when the Federal Reserve Act was passed a century ago Congress refused to agree to a Federal Reserve until language was included that would mandate protecting the convertibility of the dollar into gold. That law unraveled in a series of defaults that started in the Great Depression and ended under President Richard Nixon. By mid-1970s, America had moved to a fiat currency, meaning a dollar that is not redeemable by law in anything of value.
3. The minimum-wage crisis is a sign that fiat money is not working for working men and women. The sad fact is that they are being paid fiat wages. Its not, after all, that the nominal minimum wage has failed to go up (its been raised seven times since Reagan). Its that the value of the dollar has collapsed.
4. .... the greenback has today a value of barely a 1,250th of an ounce of gold, a staggering plunge from an 853rd of an ounce on the day Mr. Obama took office....
5. .... Obama, in any event, endorsed a ... to raise the minimum wage by a staggering 39%, to $10.10 an hour. Whats the point of raising the minimum wage if youre going to run down the value of the dollar?
6. Today a person has to work 173 hours at the minimum wage to earn an ounce of gold; by the end of Reagans presidency, it took only 125 hours. ... Wouldnt it be better to focus less on the minimum wage and more on stabilizing the dollar, just as Congress insisted when it set up the Fed?
7. Its five years now that Mr. Obama has been in office, and he has avoided the monetary question at every turn.
8. His first Fed chairman, Ben Bernanke, is leaving us a dollar valued at less than half of what it was when he began became chairman. Janet Yellen, whos set to succeed Mr. Bernanke, is promising policies that could drive the value of the dollar down further.
9. In 1978, Congress passed the Humphrey-Hawkins law, which gave the Federal Reserve a dual mandate. The Fed must, on the one hand, protect the value of the dollar; on the other, it has to try to bring about full employment.
It puts the Fed brass in a devil of a bind.
At the time, unemployment was 6.1%. It has been above 8% for much of Mr. Obamas presidency and above 7% for almost all of it. Isnt it time Congress looked at Humphrey-Hawkins and other laws that govern the Fed to see whether they helped cause the Great Recession?
10. Obama himself says that Americans are tired of stale political arguments. If so, rescuing the dollar would be the place to start."
Fiat Wages - The New York Sun
Every individual who is considering ever.....ever.....retiring, and is saving for same, should see that policies of this government are stealing those savings and reducing one's ability to plan for retirement.....other than on the dole.
He simply decided to reach into the pocket of every small businessman, 'cause, you know, they didn't build their business...he did.
Reminds of the old joke: a Liberal and a conservative walking down the street, and they see a homeless man. The Liberal exclaims: "I wanna help that guy! Quick...gimme your wallet."
1. " Today, said the President in his State of the Union message, the federal minimum wage is worth about 20% less than it was when Ronald Reagan first stood here.
But wait, wasnt the minimum wage $3.35 an hour throughout Reagans two terms? Isnt it now $7.25 an hour? How does that add up to a drop in value by 20%?
2. ...when the Federal Reserve Act was passed a century ago Congress refused to agree to a Federal Reserve until language was included that would mandate protecting the convertibility of the dollar into gold. That law unraveled in a series of defaults that started in the Great Depression and ended under President Richard Nixon. By mid-1970s, America had moved to a fiat currency, meaning a dollar that is not redeemable by law in anything of value.
3. The minimum-wage crisis is a sign that fiat money is not working for working men and women. The sad fact is that they are being paid fiat wages. Its not, after all, that the nominal minimum wage has failed to go up (its been raised seven times since Reagan). Its that the value of the dollar has collapsed.
4. .... the greenback has today a value of barely a 1,250th of an ounce of gold, a staggering plunge from an 853rd of an ounce on the day Mr. Obama took office....
5. .... Obama, in any event, endorsed a ... to raise the minimum wage by a staggering 39%, to $10.10 an hour. Whats the point of raising the minimum wage if youre going to run down the value of the dollar?
6. Today a person has to work 173 hours at the minimum wage to earn an ounce of gold; by the end of Reagans presidency, it took only 125 hours. ... Wouldnt it be better to focus less on the minimum wage and more on stabilizing the dollar, just as Congress insisted when it set up the Fed?
7. Its five years now that Mr. Obama has been in office, and he has avoided the monetary question at every turn.
8. His first Fed chairman, Ben Bernanke, is leaving us a dollar valued at less than half of what it was when he began became chairman. Janet Yellen, whos set to succeed Mr. Bernanke, is promising policies that could drive the value of the dollar down further.
9. In 1978, Congress passed the Humphrey-Hawkins law, which gave the Federal Reserve a dual mandate. The Fed must, on the one hand, protect the value of the dollar; on the other, it has to try to bring about full employment.
It puts the Fed brass in a devil of a bind.
At the time, unemployment was 6.1%. It has been above 8% for much of Mr. Obamas presidency and above 7% for almost all of it. Isnt it time Congress looked at Humphrey-Hawkins and other laws that govern the Fed to see whether they helped cause the Great Recession?
10. Obama himself says that Americans are tired of stale political arguments. If so, rescuing the dollar would be the place to start."
Fiat Wages - The New York Sun
Every individual who is considering ever.....ever.....retiring, and is saving for same, should see that policies of this government are stealing those savings and reducing one's ability to plan for retirement.....other than on the dole.
