Einstein once said, Insanity is doing the same thing over and over again and expecting a different result. Well, raising the minimum wage over and over is a perfect example of insanity.
It was in 1938 that FDR got the minimum wage enacted and pegged it @$ .25 per hour. Since then the rates were raised (thirty one times) that’s no typo, to the current $7.25 per hr. and the results continue to remain dismal. Now, some groups are seeking to almost double the rate.
These folks must be gluttons for punishment or maybe they are suffering from insanity or perhaps, heaven forbid, they are enjoying it. If only they realized that increasing wages through force does not increase one’s buying power. In fact it does just the opposite. Forced wage increases only increase costs which are in turn passed on to the worker on the lower rung of the economic ladder. Thus, he ends up paying more for his product, but since his wages increased, so did his taxes and this is why the Socialistic-minded politicians love raising the minimum wage.
In the long run the worker falls behind.
A case in point. In 1964 the minimum wage was $1.25 an hour. Our currency then was based on silver. That $1.25 silver based currency will today buy the equivalent of $25.16 worth of goods. Now here’s the kicker. Today’s minimum wage of $7.25 per hr. is an 580% increase over the 1964 wage. Yet the $7.25 wage can only purchase a fraction of the 1964 minimum wage. How’s that for falling behind.
Some Economists say that a partial solution to this is to get away from this Fiat currency we are presently on and return to the gold standard, which in a short time will give the dollar more buying power. This would be much better than forcing increases in wages on employers.
History has shown that a commodity based currency such as gold and silver, in the long run, advances all classes and makes for a healthier economy.
Clifton Veterans Avenue of Flags Thank All For Their Support
Special Thanks To Athenia Business Association
To The Editor:
I want to thank the Post Eagle for the articles and pictures showcasing our Veteran’s Day Parade and the Clifton Veterans Avenue of Flags. The response of telephone calls and volunteers to assist in putting up and taking down the flags was overwhelming and our thanks to all of them as well as those who chose to march, people who watched from the sidelines making this year’s holiday a lasting memory. A special “Thank You” to the Athenia Business Association for putting flags along Van Houten Avenue adding patriotism to the parade, to those who attended the Beefsteak and those who took ads in our booking giving monetary support necessary to have a parade.
Thank You also to the VFW who donated the “GUN” to the Veterans Avenue of Flags, to Dubnoff Paint for the gun paint, to Precision Electric who sandblasted and painted the gun and donated their services to the veterans.
Last but not least a special “Thanks” to the members of the parade committee, especially Frank Gaccione and his family for their hard work in getting rims, tires, paint, scheduling the sandblasting, and transportation to and from the painter. Without their coordination we would not have the Korean War gun on display. We hope to see you all next year and remember, we always have room for more volunteers and spectators.
JOHN BIEGEL, Jr.
Clifton Veterans Avenue of Flags Chairman