Perspective
Aug. 22, 2013
Time to raise minimum wage?
Are we going to continue to pay a small fraction of the workforce a wage so low that they have to rely on government benefits or not? By Brian Sheppard
This year the minimum wage law is 75 years old. Passed in 1938, the original minimum wage was $.25 an hour. Now is it $7.25, a 29-fold increase. For investors, the return has been much better. In 1938 the Dow Jones industrial average was 140, today it is over 15,000. That is over a 100-fold increase, and it doesn't count dividends, which average perhaps another 3 percent per year.
According to "Plutocrats" by Chrystia Fre...
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