Sharp increases in the minimum wage rate are also inflationary. Frequently workers paid more than the minimum gauge their wages relative to it. This is especially true of those workers who are paid by the hour. An increase in the minimum therefore increases their demands for higher wages in order to maintain their place in the structure of wages. And when the increase is as sharp as it is in H.R. 7935, the result is sure to be a fresh surge of inflation.
Richard M. NixonNothing matters more to the future of this Nation than insuring that our young men and women learn to believe in themselves and believe in their dreams, and that they develop this capacitythat you develop this capacity, so that you keep it all of your lives. I believe one of Americas most priceless assets is the idealism which motivates the young people of America. My generation has invested all that it has, not only its love but its hope and faith, in yours.
Richard M. NixonThe only time in the history of the world that we have had any extended periods of peace is when there has been a balance of power. It is when one nation becomes infinitely more powerful in relation to its potential competitors that the danger of war arises.
Richard M. Nixon