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. NixonWhen the death of President Franklin Delano Roosevelt thrust him suddenly into the Presidency in April of 1945 at one of the most critical moments of our history, he met that moment with courage and vision. His farsighted leadership in the postwar era has helped ever since to preserve peace and freedom in the world.
Richard M. Nixon