Responsibility to the Poor

Milton Friedman 1978. From a lecture given at Stanford University.

Read about the racist minimum wage here:
http://www.lewrockwell.com/williams-w/w-williams60.1.html
http://www.youtube.com/watch?v=zMMN3UIQmEk
http://www.lewrockwell.com/hornberger/hornberger180.html
http://jewishworldreview.com/cols/williams041410.php3
http://mjperry.blogspot.com/2010/03/minimum-wage-maximum-teenage.html
http://cafehayek.com/2010/04/an-entrepreneur-and-the-minimum-wage.html
http://mjperry.blogspot.com/2010/06/teenagers-silent-victims-of-minimum.html

From Milton Friedman Speaks: Lecture 04, "The Role of Government in a Free Society"
http://www.freetochoose.net/store/product_info.php?products_id=42

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[Jaycephus01]

@konnichiwa53 The health care system IS NOT expensive due to its 'private' nature. It USED TO BE a lot cheaper before the government began to socialize and pervert it. Today, where are the free-market forces in health care? Do you shop around for cheaper doctors? Do you even know what the real cost of an office visit is??

Yes, we have corporatism, not capitalism, in the US, but the answer isn't more corporatism/socialism. That's just moronic. The answer is free-markets and liberty.

[Jaycephus01]

@punkyvid There's nothing hypocritical here. Especially since by your calculation he was earning more relatively speaking with no minimum wage laws than what today's minimum wage workers make. And you are wrong on why minimum wage was enacted. Crack a history book & look at who was pressing for minimum wage laws. The Unions were upset that poor blacks & immigrants were taking away jobs from union workers. So by forcing employers to pay blacks more, they made the cost of hiring them too high.

[Jaycephus01]

@goldfishy23 Bread is $4.50 today for crap white bread, but only 10 cents for fresh-baked that could actually keep you alive in 1924. If you compare fresh baked today, it's hella more expensive than $4.50. Your calculator is bogus. It's also based on government figures for inflation, which during the recent years of highest inflation, has consistently under-estimated inflation. It is in their interest to do so. It permits the govt to rape our purchasing power & gain extra $ from even the poor.

[punkyvid]

@goldfishy23 My calculation was the amount paid for one day. You're right; the hourly wage for which he worked was around $1 in today's dollars, depending on the year.

[goldfishy23]

@punkyvid He said he worked a 12 hour day for 78 cents, which is 6.5 cents per hour. After googling "inflation calculator" I converted 6.5 cents ($0.065) from 1924 dollars (the year he was 12 and probably working) to 2010 dollars. The result? 82 cents. Current minimum wage is $7.25 an hour.

[1polymath]

@IKiLLNRapeCOMMUNISTS but that's only because they have been the first to create a service to legally exploit people.

[punkyvid]

After being asked whether Milton had been poor, he replied "of course... how many of you worked a 12-hour day and gotten paid 78 cents?" Milton was born in 1912, so if he earned that wage between 14 and 24 years of age, that would be between $10-$14 today. How hypocritical to simultaneously criticize minimum wage laws and implicitly decry the wage earned while being poor? This is precisely why minimum wage laws were enacted; to prevent wage slavery and a "race to the bottom."

[DoneWithDogma]

@IKiLLNRapeCOMMUNISTS good job, you've managed to highlight the particular problems that come with every organization.

if you want to do without these things, then fuck off to China or India so you can enjoy their wonder labor system and lack of health regulations, or just stay here and cry like a little bitch. I don't have time for your bullshit either way. peace

[IKiLLNRapeCOMMUNISTS]

@DoneWithDogma

Minimum wage just increases inflation.

If businesses went down to paying people too little they would lose profits & reputation.

the FDA is a joke.

They prescribe & support the use of Amphetamines given to little children with ADHD

but, the FDA purposefully doesn't inspect vitamins & supplements so it can try to demonize the use of these.

Well, the Vitamins & Supplements seem alot better without the FDA then does the Amphetamine Adderalll & Ritalin given to young kids

[DoneWithDogma]

@IKiLLNRapeCOMMUNISTS haha, you mean problems like child labor laws? and minimum wage? the FDA?

if we could only live in your Utopian society where we work for .50 cents a day, our ten year olds can work in steel mills and we'll all have cadmium soup for supper.

god knows why I engage with you lagbrains