OK, do you think the value of the dollar has remained constant?Stagnant productivity? You assume quite a lot.
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What do you suppose the cumulative effect of 77 years of devaluing the dollar in such a way is? Is it demonstrably quantifiable? If so in what way(s)?
Well, let's see... 70 years would put us back in the 40s.
Here is a few items for which the US Dollar was being exchanged for in the 1940s.
Eggs 64 cents per dozen New Jersey 1946
Flour 25 cents 5 Pound bag California 1944
Kellogs Corn flakes 35 cents for 2 pks Pennsylvania 1948
Ketchup 19 cents Pennsylvania 1948
Margarine 18 Cents per Pound California 1944
Morton Salt 10 cents Pennsylvania 1948
Oranges 8 1/2 cents per pound California 1944
Pork Roast 39 Cents per pound Wisconsin 1948
Porterhouse Steak 69 cents per pound Illinois 1947
Potatoes 38 cents for 10 pounds California 1944
Tide Soap powder 36 cents Pennsylvania 1948
Tomatoes 29 cents per pound New Jersey 1946
Tooth Paste 47 cents Pennsylvania 1948
Now I highlighted the Porterhouse Steak, because I personally purchased a fe of those the day before yesterday at the neighborhood Publix. I paid 14.25lb (they were on sale).
Now... let me ask ya... in 1947, US Currency bought 20 lbs of Porterhouse Steaks for the same dollar value that Today can only buy you 1lb.
Would you say that in your mind that this circumstance demonstrates the value of US Currency has been increased or decreased over the last 77 years?
Does that help you quantify the devaluation of the currency by the natural law which requires that where one artificially increases the price of labor, that the value of the currency used to buy that labor is reduced?
So... because steak costs more now, that is evidence of the devaluation of the dollar due to no minimum wage?
Wow! SMH
Yes...
But to help you through it... Let's review:
70 years would put us back in the 40s.
Here is a few items for which the US Dollar was being exchanged for in the 1940s.
Eggs 64 cents per dozen New Jersey 1946
Flour 25 cents 5 Pound bag California 1944
Kellogs Corn flakes 35 cents for 2 pks Pennsylvania 1948
Ketchup 19 cents Pennsylvania 1948
Margarine 18 Cents per Pound California 1944
Morton Salt 10 cents Pennsylvania 1948
Oranges 8 1/2 cents per pound California 1944
Pork Roast 39 Cents per pound Wisconsin 1948
Porterhouse Steak 69 cents per pound Illinois 1947
Potatoes 38 cents for 10 pounds California 1944
Tide Soap powder 36 cents Pennsylvania 1948
Tomatoes 29 cents per pound New Jersey 1946
Tooth Paste 47 cents Pennsylvania 1948
Now I highlighted the Porterhouse Steak, because I personally purchased a fe of those the day before yesterday at the neighborhood Publix. I paid 14.25lb (they were on sale).
Now... let me ask ya... in 1947, US Currency bought 20 lbs of Porterhouse Steaks for the same dollar value that Today can only buy you 1lb.
Would you say that in your mind that this circumstance demonstrates the value of US Currency has been increased or decreased over the last 77 years?
Now, FYI: 70 years prior to THAT...
1 lb. butter -- 40 cents
1 dozen eggs -- 35 cents
So, what changed?
US Minimum Wage came into Federal Law in 1938...
Meaning that in the 70 years prior to the establishment of the USMW... the price of eggs and butter doubled. With the subsequent 70 years such increased by orders of MAGNITUDE.
Does THAT help you quantify the devaluation of the currency by the natural law which requires that where one artificially increases the price of labor, that the value of the currency used to buy that labor is reduced?
Not at all.
Totally asspulled nonsense.
Or do you think the rise in the min wage does not account for the devaluation of the dollar?
If you think the rise in min wage does not account for the devaluation of the dollar, what do you think caused it?
This ought to be amusing.