Letters to the editor on inflation, working poor
09/04/2013 12:00 AM
09/03/2013 5:56 PM
The real enemy is inflation, not wages
It seems that there are a lot of people trying to fight for good causes without knowing who their true enemy is. This was apparent during the recent fast-food walkouts over the “low” minimum wage.
Sure, raising the salaries of such employees seems like a great idea. They would be less dependent on government programs for assistance and could more easily maintain their own households. But what many don’t seem to realize is that low wages aren’t their true enemy. You could make $1,000 an hour, but if the price of bread is $200 a loaf, it doesn’t help you much.
The real enemy of all Americans is inflation. Wages never keep up with the cost of inflation. One of the chief causes of inflation is the government expansion of the money supply. One of the main methods the government uses to expand the money supply is through quantitative easing. It’s meant to encourage banks to make more loans to people to buy things they can’t afford, thus causing inflation.
Consider: In 1950, $7 had the same buying power as $67.85 has today. Now, wouldn’t that be nice to go back to?
Poverty filters up
Here’s what I don’t get: If American prosperity is driven by consumers, why are Wall Street and its billionaire buddies doing everything in their power to drive down incomes in most every sector of the economy (other than their own, of course)? Eventually, when consumers no longer have enough money to shop at Walmart or pay for college or buy homes and cars and iPads – not to mention, buy healthy food and that most sacrosanct of all purchases, gas – the ramifications of our economy are going to filter up.
If the rest of us aren’t buying, how will billionaires survive?
Easier to hate
An editorial cartoon drawn by Lisa Benson of the Washington Post Writers Group was an insult to every person working in the food-service Industry (Aug. 31 Opinion). She showed “Ronald McDonald” and a McDonald’s worker. The worker held a sign saying, “I deserve a raise today – $15 an hour.” The caption just said, “Clowns.”
This is the approach of the ultraconservatives of today – hate and ridicule of the working poor. Talk show host Larry King was correct when, upon the fall of the Soviet Union, he suggested that the ultraconservatives would have to find someone else to hate.
It is easier to hate and reject than to love and accept.
CRAIG T. RICH
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