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4 comments:
Yup!!!
I did not know the history!
When Harry Truman made his change the factories and economies of continental Europe and Japan had been destroyed and the United States was the only country able to fulfill an almost insatiable demand for manufactured goods and agricultural products. The factories had a large supply of workers coming from the returning servicemen and profits were high enabling the paying of the new minimum wage. In fact demand for labor caused all wages to increase.
Today we are challenged by strong manufacturing abilities in Europe, Japan, China, and Mexico among others. Many like China and Mexico have rock bottom wages. We also have a US population which wants the lowest price possible. When was the last time you and your friends made product choices where the fact the product was made in the USA over ruled its higher price due to higher US wages? The Japanese pay higher prices for their cars and exclude virtually all imports of cars. Their economy has been stagnant for over a decade and suffers from deflation. In the US we have open borders for cars and we buy based on price and quality, not national origin. The effect of doubling the minimum wage may help some but cause others to lose their jobs. To say that the economy will boom is irresponsible and shows a lack of understanding of how the real world economy works today versus 1949.
Jake - My intent is to show the absurd inequality.
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