Take a Stand: Minimum wage is too low-Kansas

Take a Stand: Minimum wage is too low

April 27, 2008

The April 1 Journal-World carried a column by Kansas University business professor Mark Hirschey called “Inconvenient truth about minimum wage.” Since it was April Fools’ Day and the article gave many anecdotes but few “facts,” we’re not certain it was altogether serious. In case it was, we’re responding with some facts of our own.

Henry Ford had the novel idea that anyone building his cars should be able to afford to buy one. But most employers never bought this idea, and the period after Ford’s death was wracked by some of the worst labor strife in our history. Since those early days, every time a minimum wage has been implemented or increased, businessmen have screamed that the sky was falling. But the sky hasn’t fallen.

Here are 10 historical facts about minimum wages:

1. We had no minimum wage law until the Fair Labor Standards Act passed in 1938.

2. Since then, in terms of actual buying power, the value of the minimum wage peaked in 1968 — when it was just $1.58 per hour! Last year, according to the U.S. census, an equivalent minimum wage, in constant dollars, would have been $9.47.

 

More:  http://urlet.com/million.occurs

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