Raise minimum wage
Re. the article “Study finds 1 in 5 approaching retirement don't have money saved” (Aug. 9): These so-called researchers from the Federal Reserve must have had their heads buried in the sand for the last 30 years.
Before Ronald Reagan became president, I had a savings account that paid 3.75-percent interest and a savings certificate that paid 6.25 percent.
Reagan and his “Reagonomics” deregulated the banking system, which destroyed the incentive to save money. With much lower interest rates, people started pulling their money out of the banks.
The minimum wage was $3.35 in 1981. It stayed frozen for almost 10 years, but there was no freeze in the prices of store-bought goods including food and clothing.
With stagnant wages and higher prices for goods, minimum- and low-wage workers found it nearly impossible to save money. Those people fell about 10 years behind everyone else.
The economy will not get better until the minimum wage is increased and those with the attitude, “I got mine; the hell with you,” change their ways.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Beyond wacky
- Don’t forget Highmark patients
- AG’s office no place for porn
- Perk in peril?
- Climate & hunting
- In PC we must
- A proper salute
- Ferguson & sin
- Mitochondrial disease awareness
- EPA proposal a threat to all
- ‘Sin’ that saved lives