$1 an hour full time is 60 ounces of gold. That is 160,000 in todays money. Inflation statistics regurgitated by the imf world bank and wall street are skewed using consumer price index which wails miserably to account for the devaluation of currency due to the increase in circulating currency supply. The price of gold does this perfectly. When nixon ended the gold standard in ‘71 minimum wage had been raised (an eighth time since it was legislated in 1938 at 25¢ an hour or ≈15 ounces of gold)3 years earlier in 1968 to $1.60/hr or $250,000 today.

The price of good stayed constant for 172 years from 1799 when a federal currency was established till 1971 only fluctuating ≈80% from $19 to $35 but in the 53 years since then it has ballooned 7500% to $2650 last i checked. This is in tandem with the amount of us currency printed into circulation. By the end of 1979 gold price was already up over 2000% to just under $800 and in 1981 the usa printed the first trillion. Now we are printing one trillion every 3-4 months.

This is why from 1945-1975 one adult working a full time minimum wage job could support a family of four with enough left over to save for retirement their children’s higher education and go on a modest yearly family vacation. But today it would take both adults working 80 hours per week with overtime at a minimum base pay of double minimum wage or quintuple it if federal minimum wage is the default where you are. Minimum wage since has only increased 450-1300% while corporate executive pay has increased 3300%-16,500% in the same time period.