THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Wednesday, March 22, 1995 TAG: 9503210012
SECTION: FRONT PAGE: A14 EDITION: FINAL
TYPE: Letter
LENGTH: Short : 31 lines
If the minimum wage is raised, costs for everything we buy will go up.
The temporary increase in earnings will be nullified in the long run by the higher cost of living. Poor people will miss out again.
The logic behind a series of 50-cent increases could be used to set the minimum wage at $30 per hour. Some politicians would win a few votes, but the economy would totally collapse.
However, if we continue to increase the minimum wage by 50 cents every now and then, we will eventually reach the $30-per-hour level. What will we have gained?
The assessed value of my house is a good example of the problem. I bought a house for $12,650 in 1955. This house is now assessed at more than $98,000.
Every year I call the assessor and ask, ``If I am fortunate enough to live long enough, will my $12,000 house be worth $1 million?'' He always laughs and says, ``No.'' Then I ask when the increases will stop. He has no answer.
Our leaders seem to think that raising everyone's pay, especially their own, will solve the problem.
THOMAS C. VAIL
Norfolk, March 14, 1995 by CNB