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   From: I-WAS-JUST-GANG-PROBED-BY-THE-ObamaRegime-SPY-NETWORK@IRS.   
   BI.NSA.CIA.EPA.FCC.DHS.CDC.DEA.AMTRAK.FreddieMac.ObamaCare.gov   
      
   On 6/18/2015 11:39 AM, Byker wrote:   
   >> In 1960, the minimum wage was $1 per hour, or $160 per month on a 40-hour   
   >> work week.   
   >   
   > Adjust it for inflation and it comes to $7.99/hr.   
   >   
   > Had the minimum wage been adjusted for the cost of living over the years,   
   > there wouldn't be this argument today. Compare the minimum wages of   
   > yesteryear with their buying power in today's money:   
   >   
   > Year      Min.Wage      Equiv. 2014   
   >   
   > 1963         $1.35             $10.41   
   >   
   > 1970         $1.65             $10.05   
   >   
   > 1977         $2.65             $10.31   
   >   
   > 1978         $2.90             $10.52   
   >   
   > In 1970 I had a summer job at a supermarket sacking groceries for $1.82/hr.   
   > Are bagboys earning $11.08 in 2014?   
   >   
   > COLA would have been the ounce of prevention.  Now it's time for a ton of   
   > cure   
      
   Democrats tell us there is no inflation and there hasn't been any for 7   
   years if you believe Obama....   
      
   Which lie should we believe?   
      
   Is there a minimum wage problem due to excessive inflation or is there   
   no inflation as Democrats and the ObamaRegime are telling us?   
      
   That what Liberals "choice" is really all about.   
      
      
   You know Stagnation and inflation together is what Jimmy Carters   
   Liberalism created and Obama has created it also, and it's called   
   *STAGFLATION*   
      
   We've been in stagflation for 6 years....  The GDP is stagnant and you   
   are telling us that inflation is higher than the government is admitting   
   and we *ALL* know Obama is a liar.  The truth is we are stuck in   
   Stagflation and there's no way out and I remember that being the the   
   narrative when Jimmy Carter ran us into stagflation.   
      
   [""""""Economy: stagflation and the appointment of Volcker   
      
   The economic history of the Carter Administration can be divided in two   
   roughly equal periods. The first two years were a time of continuing   
   recovery from the severe 1973–75 recession, which had left fixed   
   investment at its lowest level since the 1970 recession and unemployment   
   at 9%.[59] The second two years were marked by double-digit inflation,   
   coupled with very high interest rates,[60] oil shortages, and slow   
   economic growth.[61] The nation's economy grew by an average of 3.4% (at   
   par with the historical average)[62] and more private sector jobs were   
   created per month during the Carter Administration than during any other   
   presidency since 1950 except for the Clinton Administration.[63] Each of   
   these two-year periods, however, would differ dramatically.   
      
   The U.S. economy, which had grown by 5% in 1976, continued to grow at a   
   similar pace during 1977 and 1978.[62] Unemployment declined from 7.5%   
   in January 1977 to 5.6% by May 1979, with over 9 million net new jobs   
   created during that interim,[64] and real median household income grew   
   by 5% from 1976 to 1978.[65] The recovery in business investment in   
   evidence during 1976 strengthened as well. Fixed private investment   
   (machinery and construction) grew by 30% from 1976 to 1979, home sales   
   and construction grew another one third by 1978, and industrial   
   production, motor vehicle output and sales did so by nearly 15%; with   
   the exception of new housing starts, which remained slightly below their   
   1972 peak, each of these benchmarks reached record levels in 1978 or   
   1979.[59]   
      
   The 1979 energy crisis ended this period of growth, however, and as both   
   inflation and interest rates rose, economic growth, job creation, and   
   consumer confidence declined sharply.[60] The relatively loose monetary   
   policy adopted by Federal Reserve Board Chairman G. William Miller, had   
   already contributed to somewhat higher inflation,[66] rising from 5.8%   
   in 1976 to 7.7% in 1978. The sudden doubling of crude oil prices by   
   OPEC, the world's leading oil exporting cartel,[67] forced inflation to   
   double-digit levels, averaging 11.3% in 1979 and 13.5% in 1980.[59] The   
   sudden shortage of gasoline as the 1979 summer vacation season began   
   exacerbated the problem, and would come to symbolize the crisis among   
   the public in general;[60] the acute shortage, originating in the   
   shutdown of Amerada Hess refining facilities, led to a lawsuit against   
   the company that year by the Federal Government.[68]   
      
   Carter, like Nixon, asked Congress to impose price controls on energy,   
   medicine, and consumer prices, but was unable to secure passage of such   
   measures due to strong opposition from Congress.[69] One related measure   
   approved by Congress during the presidency of Gerald Ford, the Energy   
   Policy and Conservation Act of 1975, gave Presidents the authority to   
   deregulate prices of domestic oil, and Carter exercised this option on   
   July 1, 1979, as a means of encouraging both oil production and   
   conservation.[70] Oil imports, which had reached a record 2.4 billion   
   barrels in 1977 (50% of supply), declined by half from 1979 to 1983.[59]   
      
   Following an August 1979 cabinet shakeup in which Carter asked for the   
   resignations of several cabinet members (see "Malaise speech" above),   
   Carter appointed G. William Miller as Secretary of the Treasury, naming   
   Paul Volcker as Chairman of the Federal Reserve Board.[71] Volcker   
   pursued a tight monetary policy to bring down inflation, which he   
   considered his mandate.[72] Volcker (and Carter) succeeded, but only by   
   first going through an unpleasant phase during which the economy slowed   
   and unemployment rose. Inflation did not return to low single-digit   
   levels until 1982, during a second, more severe recession; President   
   Reagan re-appointed Volcker to the post in 1983.[29]   
      
   Led by Volcker, the Federal Reserve raised the discount rate from 10%   
   when Volcker assumed the chairmanship in August 1979 to 12% within two   
   months.[73] The prime rate outstripped the Federal funds rate, reaching   
   20% in March 1980. Carter then enacted an austerity program by executive   
   order, justifying these measures by observing that inflation had reached   
   a "crisis stage"; both inflation and short-term interest rates reached   
   18 percent in February and March 1980.[74] Investments in fixed income   
   (both bonds held by Wall Street and pensions paid to retired people)   
   were becoming less valuable in real terms, and on March 14, 1980,   
   President Carter announced the first credit control measures since World   
   War II.[75]   
      
   The policy, as well as record interest rates, would lead to a sharp   
      
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   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)