Eliminating minimum wage would help the very poor!

[nobody's_hero]

Many carpool.

In 1970, minimum wage was $1.60 & gold was $36. One hour at minimum bought you 0.044444 oz of gold. Today, if you were paid 0.044444 oz of gold per hour, that would be worth $71 (at $1600/oz). By one measure, a 1970 minimum wage job is worth ~$142,000 annually today.

Anybody thinking minimum wage is designed to compensate for inflation ought realize the horrible failure it is.

Of course it's a horrible failure. It hasn't kept up with inflation. But out-rightly getting rid of it isn't going to keep up with inflation, either. How does reducing minimum wage from $7.25 to $5.00 an hour make the Fed stop printing the dollar into oblivion? It doesn't.

No one seems to be able to answer that.

Whether you get paid $50.00/hr or $0.50/hr, the dollar is still losing value. Abolishing the minimum wage at this point would be like spitting in the wind.

EDIT: Though, as I said, if they did abolish it, the one silver lining I could see is that people would quickly discover how much the dollar is losing value, and might do something about it. However, would they ask for an increase in the minimum wage (put on a bandaid)? or would they abolish the Fed so we have a stronger dollar (cure the disease)?