tldr
END the FED.
ABOLISH the IRS.
DEPORT ALL ILLEGALS!
There, I fixed it for you.
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It’s a lot worse than the standard economic data suggests.
Economists simply compare wages, and prices of common items between say 1950, and today.
When you do that it’s about the same. In 1950 you could get a big mac for 25c, and earn $2.50 an hour min wage. 10x.
Today it’s about $1.50, so $15 an hour is the same. That’s where the $15 an hour min. wage idea came from.
But the whole point is to compare value received per dollar, not how much.
That 1950’s big solid oak cabinet, made mostly by hand, from american products, in america, was way more value for the money than a mass produced in china smart TV. The increase in technology has actually made production cheaper, not more expensive. It cost much more time and energy in the 50’s to make tubes and such for a TV, than it costs today to make some chips and solder boards with machines and assemble them at 30 per hour.
If this was all done in the US, that would be bad enough, but it’s all done in poor nations, with poor labor laws at pennies on the dollar.
Even that big mac is far different. Back then they didn’t have all the preservation methods. So most food was much more local, and fresh.
Imagine what you’d pay at a restaurant today for a burger made with local, fresh ingredients. Probably at least $10.
That would mean the min wage today would need to be $100 an hour to equal 1950’s prosperity.
Ok, most restaurants aren’t mcdonalds, who was super efficient. So cut it in half to $5. So the min wage today should be $50 an hour.
Technology increasing efficiancy, and outsourcing lowering costs, have enabled us to make things at least 10x cheaper than in the 50’s. That must be taken into account when determining inflation.
Companies might say they developed the tech, so they deserve the profits. But we developed a great deal of the tech in our public funded universities.
We shoudl be benefiting from these advances.
Interesting historical tie in to your comment. ‘Plunder’. The philosophy of plunder.
Federick Bastiat. Commonly known as the grandfather of modern law.
What is plunder and how do we identify this? What is wealth and how is wealth generated.
A few photos I’ve collected through the years for your reading enjoyment. Thanks.
David Stockman for President, or some important position of leadership somewhere. Finally, someone whom gets what’s really going on with the money itself. How that leads to every other inequity and plunder throughout society. Cronies, indeed.
The Federal Reserve. A hundred years of not being federal. And not having any reserves.
The American people have no real clue or understanding how much wealth has been stripped from each and every one of us, incrementally over time. From ourselves to our parents, grandparents, and for many, great and great great grandparents as well. Americans can simply not grasp what the world would have looked like if not for 1913.
Great job, an excellent writing piece. And that’s why we still watch The Liberty Report with Ron Paul, try to always catch friday with Chris Rosinni. Why we listen to people whom understand sound money supply.
Everything we need as a framework to correct the system is already on the books, so to speak. And it’s written in an eloquent simple way anyone can understand, if they would just study the simple terminology and understand what everything here means and why it was important to establish.
Article I Seciton X;
No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
Also, you’ll probably appreciate this group. NORM economics. The trade turn. The only real wealth generation, comes from the land. Everything downstream of that is borrowed or traded.
Related to your topic matter. Detailed analysis from licensed real estate appraisers. News you will find nowhere else.
Thanks Zhao.