To the editor:
RE: Why is housing “unaffordable” for working Americans?
In 1964 the minimum wage stood at $ 1.25 per hour. That is the equivalent of five U.S. quarters. Pre 1965 quarters were 90% pure silver. Today the melt value of a 1964 quarter is approximately $ 6. If you were paid five pre-1965 quarters today, you would be holding approximately $ 30 in your hands. A living wage?
How did this happen? The debasement of money has been done by governments throughout history. Federal government deficit spending enabled by the Federal Reserve System’s money “creation” has robbed the working American of the value of their work for decades.
It is not a contest between Democrats and Republicans, it is a battle between workers providing valuable goods and services and those who use the system to create “money” to never lose in a financial crisis they initiated. In other words when they lose a bet.
Milton Freedman said; “Inflation is always and everywhere a monetary phenomenon.” More currency chasing limited goods and services. We need to make currency a store of value again, where a dollar represents four pre-1965 quarters.
Think about it. Maybe your latte should cost $30 if you paid a living wage.
Richard Swiat Northport
