If these people want to know why fast food wages haven’t gone up they can blame Obama.
$1.7137 is the rounded silver value for the 1946-1964 silver DIME on August 30, 2013.
In 1963 I was making $2.55 for 5 hours per day, four days a week. $51.00 a week for a snot nose kid was something. For EXTRA money I mowed lawns at $0.25 each and for an extra dime I would trim the walls and edge the walk for a realtor. That $51.00 would cost $175.00 today.
From 4 PM ‘til 10 PM HAMBURGERS WERE 10 FOR A DOLLAR at Farnsworth’s Snow Cap, a one person operation——ME.
In 1963 I was making $2.55 for 5 hours per day, four days a week. $10.20 a week for a snot nose kid was something! For EXTRA money I mowed lawns at $0.25 each and for an extra dime I would trim the walls and edge the walk for a realtor. That $10.20 would cost $175.00 today.
I caught the mistake........darn calculator and calculater.
Your certainly are correct. Inflation is hidden tax on everyone and it hits the poor the hardest.
Why the Keysians think that inflation is good for the economy and the poor I will never understand. When the Fed creates money what it is really doing is stealing wealth from the private sector in order to spend it on whatever the government spends it on. In other words it is an across the board tax on anyone holding dollars.
This brings to mind another thing that few people think about (lucky for the USA) is that when the Fed creates money it is also taxing every foreign country that holds dollars for use for international exchange. It is also a tax on foreign individuals who hold dollars as a hard currency (what a joke). But it is obvious that foreigners are catching on because foreign countries are increasing their gold reserves as are individuals.