With all the harrumphing amongst presidential candidates in regards to raising the minimum wage and/or closing the supposedly sexist pay gap, I can't help but ponder: Rather than bureaucratically coercing businesses to pay more money to employees, what if the Federal Reserve worked at raising the value of the US dollar?
After all, the value of the US dollar has only fallen 2,297.3% since the federal government was given control to regulate inflation upon the creation of the Federal Reserve Act in 1913. Only 2,297.3%. That's all.
To put it another way, according to the US Inflation Calculator, an item priced at $1.00 in 1913 would cost $23.97 in 2015, with 2,297.3% being the cumulative rate of inflation.
Now, while the US Inflation Calculator website defines Inflation as 'continuously rising prices,' the site also defines Inflation as 'the continuous fall in the value of the dollar.' Hence, the value of the dollar has fallen 2,297.3% since 1913, the year the federal government took control of regulating inflation and currency.
Yes, that's right; the same federal government that voters expect to fix the problems they created. That federal government.
Even in my own lifetime, since 1978, prices have risen 264%; thus, the US dollar has gone down in value 264%. Of course the dollar has made gains here and there over the years, but overall it has gone down; so far down I question if it will ever rise again.
Granted, the Federal Reserve 'working' to return the value of the US dollar is nothing more than a preposterous paradox of poppycock; that's because the Federal Reserve has been 'working' all these years and the result is the current state of affairs with the dollar being devalued over two-thousand percent.
Perhaps the Federal Reserve needs to stop working, stop controlling, stop regulating, and stop devaluing the US dollar. But, then again, maybe the US dollar isn't worth saving any longer and should finally be put out of its misery. What do you think?
How much has the Federal Government devalued the US dollar in your lifetime? Find out with the US Inflation Calculator. Use your birth year, $1.00 for the purchase price, and the current year.
After all, the value of the US dollar has only fallen 2,297.3% since the federal government was given control to regulate inflation upon the creation of the Federal Reserve Act in 1913. Only 2,297.3%. That's all.
To put it another way, according to the US Inflation Calculator, an item priced at $1.00 in 1913 would cost $23.97 in 2015, with 2,297.3% being the cumulative rate of inflation.
Now, while the US Inflation Calculator website defines Inflation as 'continuously rising prices,' the site also defines Inflation as 'the continuous fall in the value of the dollar.' Hence, the value of the dollar has fallen 2,297.3% since 1913, the year the federal government took control of regulating inflation and currency.
Yes, that's right; the same federal government that voters expect to fix the problems they created. That federal government.
Granted, the Federal Reserve 'working' to return the value of the US dollar is nothing more than a preposterous paradox of poppycock; that's because the Federal Reserve has been 'working' all these years and the result is the current state of affairs with the dollar being devalued over two-thousand percent.
Perhaps the Federal Reserve needs to stop working, stop controlling, stop regulating, and stop devaluing the US dollar. But, then again, maybe the US dollar isn't worth saving any longer and should finally be put out of its misery. What do you think?
How much has the Federal Government devalued the US dollar in your lifetime? Find out with the US Inflation Calculator. Use your birth year, $1.00 for the purchase price, and the current year.
By Eve Penman
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