What a marvellous mess

Sep 16 '11
“Henry Ford used to pay his workers five dollars a day [highest in the world at that time], that was an ounce and a quarter of gold, which at today’s exchange rate, is $2,500 a week. So Ford’s workers were making $2,500 a week, they were paying no federal income taxes and no payroll taxes, there was no minimum wage and there were no unions. We paid the highest wages in the world, yet we produced the highest quality, least expensive products. How is that possible? It’s possible because we had the smallest government.”
—

Peter Schiff Testifies Before Congressional Jobs Committee: Part 2

Part 1 is here.

(via evilteabagger)

458 notes (via atroce & evilteabagger)Tags: Politics Economics Quotes

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    For one thing, why is he using gold to compare early twentieth century dollars to today? The value of gold and the...
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    Henry Ford for President..
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