Zany: This author has an interesting way of thinking about the issue of stagnant wages. He says the problem isn’t our wages, but our money—in particular the American quarter. Let’s hear him out.
The push to raise the minimum wage is relentless.
For a while, it was “Fight for $15,” but with rampant price inflation, a $15 an hour minimum wage isn’t sufficient. Now it’s “Fight for $20.” Heck, it might even be “Fight for $25” at this point.
I understand people’s frustration with wages. Their pay doesn’t keep up with rising prices.
But here’s the dirty little secret – we don’t have a wage problem.
We have a money problem!
What Have They Done to Our Money?
Before 1964, quarters were 90 percent silver.
That all changed in 1965 with the passage of the Coinage Act.
Under the law signed by President Lyndon B. Johnson, the U.S. Treasury removed all of the silver from dimes, quarters, and half-dollars. Instead, the government mints coins from “composites, with faces of the same alloy used in our 5-cent piece that is bonded to a core of pure copper.”
You will sometimes hear coins minted before 1965 referred to as “junk silver.”
In reality, we should call modern American coins junk.
Johnson promised removing silver would have no impact on the value of US coinage, asserting that “[The] Treasury has a lot of silver on hand, and it can be, and it will be used to keep the price of silver in line with its value in our present silver coin.”
You’ll be shocked to learn he was lying.
The Minimum Wage Reveals the Ugly Truth
In 1964, the minimum wage stood at $1.25 per hour. That’s the equivalent of five silver U.S. quarters. Remember, they were 90 percent pure silver.
Today, the melt value of a 1964 silver quarter is $5.13.
That means if you got paid five pre-1965 quarters today, you would hold $25.65 in your hands.
There’s your living wage.
So no, we don’t have a wage problem. We have a money problem.
And the government caused it!
This post is another example of the perspective of someone we normally disagree with. We are believers in *Cenk Uyger’s “Open minds, open hearts” concept. Simply because you disagree with someone or a certain ideology doesn’t mean you close yourself off to hearing anything a person of that ideology has to say.
Obviously there’s a big difference between reasoning with a regular conservative and a MAGA Republican. MAGA doesn’t believe in facts, data, or logic. No matter what you try and tell them, they will stick fingers in their ears and hum or just refute any type of proof or evidence you present. That is not what we mean by “different perspectives we can listen to even if we disagree,” so please don’t see our ‘posts from other perspectives’ as being inclusive of people like that!
*Owner of the TYT network and host of The Young Turks
Michael earned a degree in Mass Communications and Media Studies from the University of South Florida St. Petersburg. As a non-traditional student, he won several academic awards and was a member of the school’s ethics bowl team that placed eighth in the nation. Mike played for the USF ice hockey team at the ripe old age of 40, earning American Collegiate Hockey Association Academic All-American honors. He also holds a B.S. degree in Accounting from the University of Kentucky. Along with his formal schooling, he’s had the opportunity to associate with and study under some of the top academics in constitutional history and America’s founding principles.
